A330-300 AIRCRAFT

PURCHASE AGREEMENT



BETWEEN



AIRBUS S.A.S



(the “Seller”)



AND



CHINA SOUTHERN AIRLINES COMPANY
LIMITED



(the “Buyer”)



AND



CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP.,
LTD.



(the “Consenting Party”)



Buyer's reference: 11SIES2015FR



Seller's reference: CT1102624



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CONTENTS



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



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CONTENTS



Appendices



|A  | A330-300 STANDARD SPECIFICATION         
|-- | ----------------------------------------
|   |                                         
|B  | AIRFRAME PRICE REVISION FORMULA         
|   |                                         
|C1 | GENERAL ELECTRIC PRICE REVISION FORMULA 
|   |                                         
|C2 | PRATT AND WHITNEY PRICE REVISION FORMULA
|   |                                         
|C3 | ROLLS ROYCE PRICE REVISION FORMULA      



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PURCHASE AGREEMENT



This A330 family aircraft purchase agreement
(the “Agreement”) is made as of_____________________, 2012



Among:



AIRBUS S.A.S.,a société
par actions simplifiée, created and existing under French law having its registered office at 1 Rond-Point Maurice
Bellonte, 31707 Blagnac-Cedex, France and registered with the Toulouse Registre du Commerce under number RCS Toulouse 383
474 814, (the “Seller”),



and



CHINA SOUTHERN AIRLINES COMPANY LIMITED,
a company organised under the laws of the People's Republic of China having its principal place of business at Bai Yun Airport,
Guangzhou 510405, People's Republic of China, (the “Buyer”),



and



CHINA SOUTHERN AIRLINES GROUP IMPORT
AND EXPORT TRADING CORP., LTD., formerly known as CHINA SOUTHERN AIRLINES (GROUP) IMPORT AND EXPORT TRADING CORPORATION, having
its principal office at Bai Yun Airport, Guangzhou 510405, People's Republic of China (the "Consenting Party").



The Seller and the Buyer and the Consenting
Party are referred to together as the “Parties” and each a “Party”.



WHEREAS



| | A. | The Seller and the Buyer, with the consent
                                                          of the Consenting Party, have signed an aircraft general terms agreement
                                                          reference CT0803291 dated February 2nd, 2010 (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 the
                                                          Seller.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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NOW THEREFORE IT IS AGREED AS FOLLOWS:



| | 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 the AGTA.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|A330-300 Airframe      | means the A330-300 Aircraft
    excluding the A330-300 Propulsion Systems.                                                                                                                                                                                                       
|---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                       |                                                                                                                                                                                                                                                                                  
|A330-300 Aircraft      | means an Airbus A330-300model
    aircraft including the A330-300 Airframe, the applicable Propulsion Systems, and any part, component, furnishing or equipment
    installed on the A330-300 Aircraft on Delivery under the terms and conditions of this Agreement and the AGTA.
|                       |                                                                                                                                                                                                                                                                                  
|A330-300 Specification | means either (a) the A330-300 Standard
    Specification if no SCNs are applicable or (b) if SCNs are issued, the A330-300 Standard Specification as amended by all applicable
    SCNs and MSCNs.                                                                               
|                       |                                                                                                                                                                                                                                                                                  
|A330-300 Standard      |                                                                                                                                                                                                                                                                                  
|Specification          | means the A330-300standard
    specification document number ***, a copy of which has been annexed hereto as Appendix A, with the following design weights:                                                                                                                      



| | MTOW: | ***
| | ----- | ---
| | MLW:  | ***
| | MZFW: | ***



|Airframe Base Price  | means the A330-300 Airframe
    Base Price set forth in Clause 3.1                                       
|-------------------- | ---------------------------------------------------------------------------------------------------------
|                     |                                                                                                          
|Aircraft             | means any or all of the A330-300 Aircraft.                                                               
|                     |                                                                                                          
|Base Delivery        |                                                                                                          
|Condition Year       | ***                                                                                                      
|                     |                                                                                                          
|Base Price           | means the sum of the applicable Airframe
    Base Price and the applicable Propulsion Systems Base Price.
|Daily Liquidated     |                                                                                                          
|Damages Amount       | as specified in Clause 6.                                                                                
|                     |                                                                                                          
|PEP Revision Service |                                                                                                          
|Period               | as specified in Clause 8.2.                                                                              
|Propulsion Systems   |                                                                                                          



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|Base Price         | as specified in Clause
    3.2                               
|------------------ | -------------------------------------------------------------
|                   |                                                              
|Propulsion Systems |                                                              
|Manufacturer       | means the manufacturer of the selected
    Propulsion Systems
|                   |                                                              
|Propulsion Systems |                                                              
|Reference Price    | as specified in Clause 3.2                                   
|                   |                                                              
|Revision Service   |                                                              
|Period             | as specified in Clause 8.1.                                  
|                   |                                                              
|USD or US Dollar   | means United States Dollar                                   



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



| | 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
| | - | --------



| |  | The Seller shall sell and deliver and
                                                         the Buyer shall buy and take delivery of ten (10) A330-300 Aircraft on
                                                         the Delivery Date at the Delivery Location upon the terms and conditions
                                                         contained in this Agreement.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

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



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



| |  | The A330-300 Aircraft shall be manufactured
                                                         in accordance with the A330-300 Specification.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 2.2.1 | The A330-300 Airframe shall be equipped
                                                              with a set of two (2):
| | ----- | ----------------------------------------------------------------------------------------------------------------------------



| | (i) | General Electric CF6-80E1A4
                                                                  engines, or
| | --- | ---------------------------------------------------------------------------------------------------------



| | (ii) | Pratt & Whitney 4170 engines,
                                                                   or
| | ---- | ---------------------------------------------------------------------------------------------------



| | (iii) | Rolls Royce Trent 772B engines
| | ----- | ------------------------------



| |  | (each, upon selection by the Buyer, being
                                                         referred to as the “Propulsion Systems”).
| |  | --------------------------------------------------------------------------------------------------------------------------------------------



| | 2.2.2 | The Buyer shall notify the Seller
                                                              in writing of its selection of Propulsion Systems type for the Aircraft
                                                              by no later than *** months 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 and remedies,
                                                              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
| | - | -----------



| |  | With respect to the Aircraft, Clause
                                                         3.1 and Clause 4.1 of the AGTA shall apply.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The A330-300 Airframe Base Price is the
                                                         sum of:
| |  | --------------------------------------------------------------------------------------------------------



| | (i) | the base price of the standard
                                                                  A330-300 Airframe as defined in the A330-300 Standard Specification
                                                                  excluding Buyer Furnished Equipment, which is:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | (ii) | the budgetary sum of the base
                                                                   prices of the A330-300 Specification Change Notices (SCNs)
                                                                   , which is:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | 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 | General Electric
| | ----- | ----------------



| |  | The Base Price of a set of two (2) General
                                                         Electric CF6-80E1A4 Propulsion Systems, including nacelles and thrust
                                                         reversers, is:
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 
| |  | 



***



| |  | This Base Price has been established
                                                         in accordance with the delivery conditions prevailing in *** and has
                                                         been calculated from the Propulsion Systems Reference Price as defined
                                                         in Appendix C1.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3.2.2 | Pratt and Whitney
| | ----- | -----------------



| |  | The Base Price of a set of two (2) PRATT
                                                         & WHITNEY PW4170 Propulsion Systems, including nacelles and thrust
                                                         reversers, is:
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



***



| |  | 
| |  | 

| |  | This Base Price has been established
                                                         in accordance with the delivery conditions prevailing in *** and has
                                                         been calculated from the Propulsion Systems Reference Price as defined
                                                         in Appendix C2.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 3.2.3 | Rolls-Royce
| | ----- | -----------



| |  | The Base Price of a set of two (2) Rolls-Royce
                                                         Trent 772B Propulsion Systems, including nacelles and thrust reversers,
                                                         is:
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 
| |  | 



***



| |  | This Base Price has been established
                                                         in accordance with the delivery conditions prevailing in *** and has
                                                         been calculated from the Propulsion Systems Reference Price as defined
                                                         in Appendix C3.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The Base Price of the Aircraft is the
                                                         sum of the Airframe Base Price and the General Electric International
                                                         Propulsion Systems Base Price until the Buyer notifies the Seller of
                                                         its Propulsion Systems selection. After such notification, the Base Price
                                                         of the Aircraft shall be the sum of the Airframe Base Price and the selected
                                                         Propulsion Systems Base Price.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 4.1 | Subject to Clauses 2, 7, 8, 10 and
                                                            18 of the AGTA, the Seller shall have the Aircraft Ready for Delivery
                                                            at the Delivery Location within the following months:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Aircraft N°1  | ***
|------------- | ---
|              |    
|Aircraft N°2  | ***
|Aircraft N°3  | ***
|Aircraft N°4  | ***
|              |    
|Aircraft N°5  | ***
|Aircraft N°6  | ***
|Aircraft N°7  | ***
|              |    
|Aircraft N°8  | ***
|Aircraft N°9  | ***
|Aircraft N°10 | ***



| |  | Each such month shall be, with respect
                                                         to the corresponding Aircraft, the “Scheduled Delivery Month”.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 5.1 | With respect to Clause 5.3.1 of the
                                                            AGTA, the Predelivery Payment Reference Price is determined by the
                                                            following formula:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | 
| |  | 

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



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



| |  | In the event of the above schedule resulting
                                                         in any Predelivery Payment falling due prior to the date of signature
                                                         of this Agreement, such Predelivery Payment(s) shall be made upon signature
                                                         of this Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 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:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



***



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



| |  | In the event of a Non-Excusable Delay
                                                         as defined in Clause 11 of the AGTA, ***
| |  | ---------------------------------------------------------------------------------------------------------------------------------------



| |  | The amount of such liquidated damages
                                                         shall *** in respect of any one Aircraft.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------



| |  | The Buyer and the Seller agree that payment
                                                         by the Seller of the amounts due pursuant to this Clause shall be considered
                                                         to be liquidated damages and have been calculated to compensate the Buyer
                                                         for its entire damages for all losses of any kind due to Non-Excusable
                                                         Delay. The Seller shall not in any circumstances have any liability whatsoever
                                                         for Non-Excusable Delay other than as set forth in this Clause and in
                                                         Clause 11 of the AGTA.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 *** then the
                                                            Seller shall comply with the undertakings defined in such Clause 12.2.2.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



| |  | 
| |  | 

| |  | THE WARRANTIES, OBLIGATIONS AND LIABILITIES
                                                         OF THE SELLER (AS DEFINED BELOW FOR THE PURPOSES OF THIS CLAUSE) AND
                                                         REMEDIES OF THE BUYER SET FORTH IN CLAUSE 12 AND CLAUSE 14 OF THE AGTA
                                                         ARE EXCLUSIVE AND IN SUBSTITUTION FOR, AND THE BUYER HEREBY WAIVES, RELEASES
                                                         AND RENOUNCES ALL OTHER WARRANTIES, OBLIGATIONS AND LIABILITIES OF THE
                                                         SELLER AND RIGHTS, CLAIMS AND REMEDIES OF THE BUYER AGAINST THE SELLER,
                                                         EXPRESS OR IMPLIED, ARISING BY LAW, CONTRACT OR OTHERWISE, WITH RESPECT
                                                         TO ANY NON-CONFORMITY OR DEFECT OF ANY KIND, IN ANY AIRCRAFT, COMPONENT,
                                                         EQUIPMENT, ACCESSORY, PART, SOFTWARE, DATA OR SERVICES DELIVERED UNDER
                                                         THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO:
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | B. | ANY IMPLIED WARRANTY OF MERCHANTABILITY
                                                                 OR FITNESS;
| | -- | --------------------------------------------------------------------------------------------------------------------



| | 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
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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,
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | PROVIDED THAT IN THE EVENT THAT ANY OF
                                                         THE AFORESAID PROVISIONS SHOULD FOR ANY REASON BE HELD UNLAWFUL OR OTHERWISE
                                                         INEFFECTIVE THE REMAINDER OF THIS AGREEMENT SHALL REMAIN IN FULL FORCE
                                                         AND EFFECT.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | FOR THE PURPOSES OF THIS CLAUSE, THE
                                                         “SELLER” SHALL BE UNDERSTOOD TO INCLUDE THE SELLER, ITS AFFILIATES
                                                         AND ANY OF ITS SUPPLIERS AND SUBCONTRACTORS.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 *** (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.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  | If such training is conducted at the
                                                         Buyer’s facilities, the Seller will bear the costs for all travel
                                                         and living expenses of the representatives of the Seller conducting such
                                                         training.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | Pursuant to Clause 15 of the AGTA, the
                                                         Seller Representative allocation provided to the Buyer is defined hereunder.
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 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.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The Buyer and the Seller specifically
                                                         recognize that this Agreement incorporating the terms of the AGTA is
                                                         an international supply contract which has been the subject of discussion
                                                         and negotiation, that all its terms and conditions are fully understood
                                                         by the Buyer and the Seller, and that the Specification and price of
                                                         the Aircraft specified in this Agreement and the other mutual agreements
                                                         of the Buyer and the Seller set forth herein and in the AGTA were agreed
                                                         upon after careful consideration by the Buyer using its judgment as a
                                                         professional operator and by the Seller using its judgment as an aircraft
                                                         manufacturer and arrived at in consideration of, inter alia, all the
                                                         provisions hereof specifically including all waivers, releases and renunciations
                                                         by the Buyer set out herein and in the AGTA.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The Buyer and the Seller hereby also
                                                         agree that the United Nations Convention on Contracts for the International
                                                         Sale of Goods will not apply to this transaction.
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | This Agreement incorporates the terms
                                                         and conditions of the AGTA.
| |  | --------------------------------------------------------------------------------------------------------------------------



| |  | This Agreement and the AGTA contain the
                                                         entire agreement between the Buyer and the Seller with respect to the
                                                         subject matter hereof and supersede all previous proposals, understandings,
                                                         commitments or representations whatsoever, oral or written, and may be
                                                         changed only by mutual agreement in writing signed by authorized representatives
                                                         of the Buyer and the Seller.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | With respect to the Aircraft, the AGTA
                                                         shall be deemed amended and supplemented to the extent herein provided
                                                         and as so amended and supplemented shall remain in full force and effect.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  | If there is any inconsistency between
                                                         the AGTA and this Agreement, the latter shall prevail to the extent of
                                                         such inconsistency.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The Parties agree that the terms and
                                                         conditions of Clause 22.12 of the AGTA shall apply mutatis mutandis to
                                                         this Agreement.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The Parties do not intend that any term
                                                         of the AGTA and of this Agreement shall be enforceable solely by virtue
                                                         of the Contracts (Rights of Third Parties) Act 1999 by any person who
                                                         is not a party to the AGTA and the Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The Parties may rescind, vary, waive,
                                                         release, assign, novate or otherwise dispose of all or any of their respective
                                                         rights or obligations under the AGTA or the Agreement without the consent
                                                         of any person who is not a party to the AGTA and the Agreement.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The Parties shall first attempt in good
                                                         faith to resolve the Dispute by negotiation, in which case, one party
                                                         shall give notice to the other of the Dispute ("Notice of Dispute").
                                                         Such Notice of Dispute shall include a summary of the subject of the
                                                         Dispute and the arguments upon which that party relies.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

| |  | Any Dispute not resolved by negotiation
                                                         within thirty (30) calendar days following receipt of the Notice of Dispute
                                                         by the other party shall be referred to and finally resolved by arbitration
                                                         under the Rules of Arbitration of the International Chamber of Commerce
                                                         ("ICC") (the "Rules"), which Rules
                                                         are deemed to be incorporated by reference into this Agreement and the
                                                         AGTA.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | Arbitration shall be in the English language
                                                         and be administered by the International Court of Arbitration of the
                                                         ICC pursuant to the Rules. The number of arbitrators shall be three (3).
                                                         The place of arbitration shall be London, United Kingdom. The decision
                                                         of the arbitral tribunal shall be final and binding on the Parties.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



***      This information
is subject to confidential treatment and has been omitted and filled separately with the Commission



|PA A330 CSN 2011 | Page 13/15            
|---------------- | ----------------------
|CT1102624        | Private & Confidential











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



| |  | This Agreement has been executed in three
                                                         (3) original copies which are in English and may be executed in counterparts,
                                                         each of which when so executed and delivered shall be an original, but
                                                         all such counterparts shall together constitute one and the same Agreement.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



***      This information
is subject to confidential treatment and has been omitted and filled separately with the Commission



|PA A330 CSN 2011 | Page 14/15            
|---------------- | ----------------------
|CT1102624        | Private & Confidential











IN WITNESS WHEREOF, this Agreement was
entered into the day and year first above written.



|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: ______________________   | John Leahy                         
|                               |                                    
|Title: ______________________  | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   
|                               |                                    
|Witnessed and acknowledged,    |                                    



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



***      This information
is subject to confidential treatment and has been omitted and filled separately with the Commission



|PA A330 CSN 2011 | Page 15/15            
|---------------- | ----------------------
|CT1102624        | Private & Confidential











APPENDIX A



A330-300
STANDARD SPECIFICATION



The A330-300 Standard Specification is
contained in a separate folder.



***     This information is subject
to confidential treatment and has been omitted and filled separately with the Commission



|PA A330 CSN 2011 |            | Page 1/1              
|---------------- | ---------- | ----------------------
|CT1102624        | Appendix A | Private & Confidential











APPENDIX B



AIRFRAME
PRICE REVISION FORMULA



| | 1 | BASE PRICE
| | - | ----------



The Airframe Base Price quoted
in Clause 3.1 of the Agreement is subject to adjustment for changes in economic conditions as measured by data obtained from the
US Department of Labor, Bureau of Labor Statistics, and in accordance with the provisions hereof.



| | 2 | BASE PERIOD
| | - | -----------



The Airframe Base Price has
been established in accordance with ***



| | 3 | INDEXES
| | - | -------



Labor Index: ***



Material Index: ***



| | 4 | REVISION FORMULA
| | - | ----------------



***



| | 5 | GENERAL PROVISIONS
| | - | ------------------



***



***     This information is subject
to confidential treatment and has been omitted and filled separately with the Commission



|PA A330 CSN 2011 |            | Page 1/1              
|---------------- | ---------- | ----------------------
|CT1102624        | Appendix B | Private & Confidential











APPENDIX
C1



| |  | PROPULSION SYSTEMS PRICE REVISION FORMULA
| |  | -----------------------------------------

| |  | GENERAL ELECTRIC
| |  | ----------------



| |  | 
| |  | 

| | 1 | REFERENCE PRICE OF THE PROPULSION
                                                                  SYSTEMS
| | - | -----------------------------------------------------------------------------------------------------------



The Reference Price of a set
of two (2) GENERAL ELECTRICCF6-80E1A4 Propulsion Systems is:



***



This Reference Price is subject
to adjustment for changes in economic conditions as measured by data obtained from the US Department of Labor, Bureau of Labor
Statistics and in accordance with the provisions of Clauses 4 and 5 of this Appendix C1.



| | 2 | REFERENCE PERIOD
| | - | ----------------



| |  | The above Reference Price has been established
                                                         in accordance with *** as defined by GENERAL ELECTRIC by ***
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3 | INDEXES
| | - | -------



| |  | Labor Index: ***
| |  | ----------------



| |  | Material Index : ***
| |  | --------------------



| | 4 | REVISION FORMULA
| | - | ----------------



***



| | 5 | GENERAL PROVISIONS
| | - | ------------------



***



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 |                | Page 1/1              
|---------------- | -------------- | ----------------------
|CT1102624        | Appendix C1 GE | Private & Confidential











APPENDIX C2



| |  | PROPULSION SYSTEMS PRICE REVISION
                                                         FORMULA
| |  | --------------------------------------------------------------------------------------------------

| |  | PRATT AND WHITNEY
| |  | -----------------



| | 1 | REFERENCE PRICE OF THE PROPULSION
                                                                 SYSTEMS
| | - | ----------------------------------------------------------------------------------------------------------



| |  | The Reference Price for a set of two
                                                         (2) PRATT & WHITNEY PW4170 Propulsion Systems is:
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

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



| |  | 
| |  | 

| |  | This Reference Price is subject to adjustment
                                                         for changes in economic conditions as measured by data obtained from
                                                         the US Department of Labor, Bureau of Labor Statistics, and in accordance
                                                         with the provisions of Clauses 4 and 5 of this Appendix C2.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2 | REFERENCE PERIOD
| | - | ----------------



The above Reference Price has
been established in accordance with ***, as defined according to PRATT & WHITNEY by ***.



| | 3 | INDEXES
| | - | -------



Labor Index: ***



Material Index: ***



| | 4 | REVISION FORMULA
| | - | ----------------



***



| | 5 | GENERAL PROVISIONS
| | - | ------------------



***



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 |                | Page 1/1              
|---------------- | -------------- | ----------------------
|CT1102624        | Appendix C2 PW | Private & Confidential











APPENDIX
C3



PROPULSION
SYSTEMS PRICE REVISION FORMULA

ROLLS ROYCE



| | 1 | REFERENCE PRICE OF THE PROPULSION
                                                                  SYSTEMS
| | - | -----------------------------------------------------------------------------------------------------------



| |  | The Reference Price of a set of two (2)
                                                         ROLLS ROYCE RB 211 TRENT 772B Propulsion Systems is:
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | 
| |  | 

| |  | This Reference Price is subject to adjustment
                                                         for changes in economic conditions as measured by data obtained from
                                                         the US Department of Labor, Bureau of Labor Statistics and in accordance
                                                         with the provisions of this Appendix C3.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2 | REFERENCE PERIOD
| | - | ----------------



| |  | The above Reference Price has been established
                                                         in accordance with ***, as defined according to ROLLS ROYCE, by
                                                         ***.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3 | INDEXES
| | - | -------



| |  | Labor Index: ***
| |  | ----------------



| |  | Material Index: ***
| |  | -------------------



| |  | Energy Index: ***
| |  | -----------------



| | 4 | REVISION FORMULA
| | - | ----------------



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



| | 5 | GENERAL PROVISIONS
| | - | ------------------



| |  | 
| |  | 

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



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 |                | Page 1/1              
|---------------- | -------------- | ----------------------
|CT1102624        | Appendix C3 RR | Private & Confidential











LETTER
AGREEMENTS AND SIDE LETTERS



TO THE



A330-300
AIRCRAFT PURCHASE AGREEMENT



BETWEEN



AIRBUS
S.A.S.



AND



CHINA
SOUTHERN AIRLINES COMPANY LIMITED



AND



CHINA
SOUTHERN AIRLINES GROUP

IMPORT
AND EXPORT TRADING CORP., LTD.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA0 | Page 1/2              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











CONTENTS



|LETTER    |                         
|--------- | ------------------------
|AGREEMENT |                         
|          |                         
|N°1       | ***                     
|          |                         
|N°2       | ***                     
|          |                         
|N°3       | ***                     
|          |                         
|N°4       | ***                     
|          |                         
|N°5       | PERFORMANCE GUARANTEES  
|          |                         
|N°6       | MISCELLANEOUS MATTERS   
|          |                         
|N°7       | CUSTOMER SUPPORT MATTERS
|          |                         
|N°8       | ***                     
|          |                         
|N°9       | ***                     



|SIDE   |    
|------ | ---
|LETTER |    
|       |    
|N°1    | ***
|       |    
|N°2    | ***
|       |    
|N°3    | ***
|       |    
|N°4    | ***
|       |    
|N°5    | ***



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA0 | Page 2/2              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N° 1



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA1 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N° 1



***



| | 8. | Assignment
| | -- | ----------



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9. | Confidentiality
| | -- | ---------------



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | 
| |  | 



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA1 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°1



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|                               |                                    
|Title: ______________________  | Chief Operating Officer – Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA1 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°2



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA2 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°2



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA2 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°2



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title: ______________________  | Chief Operating Officer – Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA2 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°3



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA3 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°3



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA3 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°3



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA3 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°4



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA4 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°4



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA4 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°4



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA4 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°5



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : Performance guarantees



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°5



| | 1 | Performance guarantees
| | - | ----------------------



| |  | The guarantees applicable to the Aircraft
                                                       are attached in the following appendixes hereto:
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------





|Appendix |  | Weight Variant(MTOW / MLW / MZFW) |  | Propulsion Systems         
|-------- |  | --------------------------------- |  | ---------------------------
|1        |  | ***                               |  | General Electric CF6-80E1A4
|2        |  | ***                               |  | Pratt & Whitney 4170       
|3        |  | ***                               |  | Rolls Royce Trent 772B     
|4        |  | ***                               |  | General Electric CF6-80E1A4
|5        |  | ***                               |  | Pratt & Whitney 4170       
|6        |  | ***                               |  | Rolls Royce Trent 772B     





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



| |  | The terms and conditions of Clause 21.1
                                                       of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



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



The terms
and conditions of Clause 22.12 of the AGTA shall apply mutatis mutandis to this Letter Agreement.



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°5



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed
and acknowledged,



For and
on behalf of



CHINA
SOUTHERN AIRLINES GROUP



IMPORT AND EXPORT TRADING
CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________,
2012



| | *** | This
                                                                                                               information is
                                                                                                               subject to confidential
                                                                                                               treatment and has
                                                                                                               been omitted and
                                                                                                               filled separately
                                                                                                               with the Commission
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











APPENDIX 1 to LETTER AGREEMENT N°
5



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



The guarantees defined below
(the "Guarantees") are applicable to the A330-300 aircraft (the “Aircraft” for the purpose
of this Appendix 1) as described in the Technical Specification ***, as amended by the Specification Change Notices for:



| | (i) | installation
                                                                                 of GENERAL ELECTRIC CF6-80E1A4 engines; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ***
| | ---- | ---



without taking into account
any further changes thereto as provided in the Purchase Agreement (the “Specification” for the purpose of this
Appendix 1).



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



| | 2.1 | Speed
| | --- | -----



Level flight speed at an Aircraft
gross weight of *** at a pressure altitude of *** using a thrust not exceeding maximum cruise thrust shall be not less than the
guaranteed Mach number value of: ***



| | 2.2 | Specific
                                                                                      Range
| | --- | ----------------------------------------------------------------------------------------------------



The average nautical miles
per kilogram of fuel (Average SR) at the weights and altitudes defined below in *** conditions at a true Mach number of ***

|Weight | Pressure Altitude
|------ | -----------------
|***    | ***              



shall be not less than a guaranteed
value of : Average SR = ***.



| | 2.3 | Take-off
| | --- | --------



JAR take-off field length
at an Aircraft gross weight of *** at the start of ground run at sea level pressure altitude in *** conditions shall be not more
than a guaranteed value of : ***



| | 2.4 | Second
                                                                                      Segment Climb
| | --- | ----------------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations for one engine inoperative climb after take-off, undercarriage retracted, at a weight corresponding to the stated
weight at the start of ground run at the altitude and temperature and in the configuration of flap angle and safety speed required
to comply with the performance guaranteed in Clause 2.3



| | 2.5 | Landing
                                                                                      Field Length
| | --- | ----------------------------------------------------------------------------------------------------------



JAR certified dry landing
field length at an Aircraft gross weight of *** at sea level pressure altitude shall be not more than a guaranteed value of :
***



| | 2.6 | En-route One Engine
                                                                    Inoperative
| | --- | ---------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations minimum en-route climb gradient (1.1%), with one engine inoperative and the other one operating at the maximum continuous
thrust available at that altitude, with air conditioning on, with anti-icing off, at an Aircraft gross weight of *** in cruise
configuration, in *** conditions at a pressure altitude of a guaranteed value of not less than: ***



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 1/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 1 - GE | Private & Confidential











APPENDIX 1 to LETTER AGREEMENT N°
5



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



The Seller guarantees a Manufacturer's
Weight Empty of ***



This Manufacturer's Weight
Empty is defined in Section 13-10.00.00 of the Specification as defined in Clause 1 above, and is subject to adjustment as defined
in Clause 6.



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



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



| | 4.2. | For the determination
                                                                                of JAR take-off and landing performance a hard
                                                                                level dry runway surface with no runway strength
                                                                                limitations, no line-up allowance, no obstacles,
                                                                                zero wind, atmosphere according to ISA, except
                                                                                as otherwise stated and the use of speedbrakes,
                                                                                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.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2.2. | When establishing
                                                                                  en-route one engine inoperative climb performance
                                                                                  the air conditioning bleed shall be on but no
                                                                                  air will be bled from the engines for 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 Clause 5.3 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.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cruise performance at ***
and above is based on a centre of gravity position of ***.



| | 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 unless otherwise stated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5. | Where applicable
                                                                                the Guarantees assume the use of an approved fuel
                                                                                having a density of *** and a lower heating value
                                                                                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, en-route one engine
                                                                                inoperative and landing elements of the Guarantees
                                                                                will be demonstrated with reference to the approved
                                                                                Flight Manual.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 1 - GE | Private & Confidential











APPENDIX 1 to LETTER AGREEMENT N°
5



| | 5.3. | Compliance with
                                                                                those parts of the guarantees defined in Clause
                                                                                2 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) A330-300 aircraft of the same aerodynamic
                                                                                configuration as those Aircraft purchased by the
                                                                                Buyer and incorporated in the In-Flight Performance
                                                                                Program and data bases appropriate to the Aircraft..
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4. | Compliance with
                                                                                the Manufacturer's Weight Empty guarantee defined
                                                                                in Clause 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's specification.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 A330-300 Aircraft
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 6.1. | If any change
                                                                                to any law, governmental regulation or requirement
                                                                                or interpretation thereof by any governmental
                                                                                agency (a “Rule Change” is
                                                                                made subsequent to the date of the Purchase Agreement
                                                                                and such Rule Change affects the Aircraft configuration
                                                                                and/or performance required to obtain certification,
                                                                                then the Guarantees shall be appropriately modified
                                                                                to reflect the effect of any such Rule Change.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2. | The Guarantees
                                                                                apply to the Aircraft as described in Clause 1
                                                                                and may be adjusted in the event of :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



The Guarantees are exclusive
and are provided in lieu of any and all other performance and weight guarantees of any nature which may be stated, referenced
or incorporated in the Specification or any other document.



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 3/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 1 - GE | Private & Confidential











APPENDIX 2 to LETTER AGREEMENT N°
5



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



The guarantees defined below
(the "Guarantees") are applicable to the A330-300 aircraft (the “Aircraft” for the purpose
of this Appendix 2) as described in the Technical Specification ***, as amended by the Specification Change Notices for:



| | (i) | installation
                                                                                 of PRATT & WHITNEY PW 4170 engines; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ***
| | ---- | ---



without taking into account
any further changes thereto as provided in the Purchase Agreement (the “Specification” for the purpose of this
Appendix 2).



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



| | 2.1 | Speed
| | --- | -----



Level flight speed at an Aircraft
gross weight of *** at a pressure altitude of *** using a thrust not exceeding maximum cruise thrust shall be not less than the
guaranteed Mach number value of: ***



| | 2.2 | Specific
                                                                                      Range
| | --- | ----------------------------------------------------------------------------------------------------



The average nautical miles
per kilogram of fuel (Average SR) at the weights and altitudes defined below in *** conditions at a true Mach number of ***

|Weight | Pressure Altitude
|------ | -----------------
|***    | ***              



shall be not less than a guaranteed
value of : Average SR = ***



| | 2.3 | Take-off
| | --- | --------



JAR take-off field length
at an Aircraft gross weight of *** at the start of ground run at sea level pressure altitude *** conditions shall be not more
than a guaranteed value of : ***



| | 2.4 | Second
                                                                                      Segment Climb
| | --- | ----------------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations for one engine inoperative climb after take-off, undercarriage retracted, at a weight corresponding to the stated
weight at the start of ground run at the altitude and temperature and in the configuration of flap angle and safety speed required
to comply with the performance guaranteed in Clause 2.3



| | 2.5 | Landing
                                                                                      Field Length
| | --- | ----------------------------------------------------------------------------------------------------------



JAR certified dry landing
field length at an Aircraft gross weight of *** at sea level pressure altitude shall be not more than a guaranteed value of :
***



| | 2.6 | En-route One Engine
                                                                    Inoperative
| | --- | ---------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations minimum en-route climb gradient (1.1%), with one engine inoperative and the other one operating at the maximum continuous
thrust available at that altitude, with air conditioning on, with anti-icing off, at an Aircraft gross weight of *** in cruise
configuration, in *** conditions at a pressure altitude of a guaranteed value of not less than: ***.



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 1/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 2 – PW | Private & Confidential











APPENDIX 2 to LETTER AGREEMENT N°
5



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



The Seller guarantees a Manufacturer's
Weight Empty of ***



This Manufacturer's Weight
Empty is defined in Section 13-10.00.00 of the Specification as defined in Clause 1 above, and is subject to adjustment as defined
in Clause 6.



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



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



| | 4.2. | For the determination
                                                                                of JAR take-off and landing performance a hard
                                                                                level dry runway surface with no runway strength
                                                                                limitations, no line-up allowance, no obstacles,
                                                                                zero wind, atmosphere according to ISA, except
                                                                                as otherwise stated and the use of speedbrakes,
                                                                                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.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2.2. | When establishing
                                                                                  en-route one engine inoperative climb performance
                                                                                  the air conditioning bleed shall be on but no
                                                                                  air will be bled from the engines for 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 Clause 5.3 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.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cruise performance at ***
and above is based on a centre of gravity position of ***.



| | 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 unless otherwise stated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 2/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 2 – PW | Private & Confidential











APPENDIX 2 to LETTER AGREEMENT N°
5



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



| | 5.3. | Compliance with
                                                                                those parts of the guarantees defined in Clause
                                                                                2 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) A330-300 aircraft of the same aerodynamic
                                                                                configuration as those Aircraft purchased by the
                                                                                Buyer and incorporated in the In-Flight Performance
                                                                                Program and data bases appropriate to the Aircraft..
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4. | Compliance with
                                                                                the Manufacturer's Weight Empty guarantee defined
                                                                                in Clause 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's specification.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 A330-300 Aircraft
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 6.1. | If any change
                                                                                to any law, governmental regulation or requirement
                                                                                or interpretation thereof by any governmental
                                                                                agency (a “Rule Change” is
                                                                                made subsequent to the date of the Purchase Agreement
                                                                                and such Rule Change affects the Aircraft configuration
                                                                                and/or performance required to obtain certification,
                                                                                then the Guarantees shall be appropriately modified
                                                                                to reflect the effect of any such Rule Change.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2. | The Guarantees
                                                                                apply to the Aircraft as described in Clause 1
                                                                                and may be adjusted in the event of :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



The Guarantees are exclusive
and are provided in lieu of any and all other performance and weight guarantees of any nature which may be stated, referenced
or incorporated in the Specification or any other document.



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 3/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 2 – PW | Private & Confidential











APPENDIX 3 to LETTER AGREEMENT N°
5



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



The guarantees defined below
(the "Guarantees") are applicable to the A330-300 aircraft (the “Aircraft” for the purpose
of this Appendix 3) as described in the Technical Specification ***, as amended by the Specification Change Notices for:



| | (i) | installation
                                                                                 of ROLLS ROYCE TRENT 772B engines
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ***
| | ---- | ---



without taking into account
any further changes thereto as provided in the Purchase Agreement (the “Specification” for the purpose of this
Appendix 3).



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



| | 2.1 | Speed
| | --- | -----



Level flight speed at an Aircraft
gross weight of *** at a pressure altitude of *** using a thrust not exceeding maximum cruise thrust shall be not less than the
guaranteed Mach number value of: ***



| | 2.2 | Specific
                                                                                      Range
| | --- | ----------------------------------------------------------------------------------------------------



The average nautical miles
per kilogram of fuel (Average SR) at the weights and altitudes defined below in *** conditions at a true Mach number of ***

|Weight | Pressure Altitude
|------ | -----------------
|***    | ***              



shall be not less than a guaranteed
value of : Average SR = ***



| | 2.3 | Take-off
| | --- | --------



JAR take-off field length
at an Aircraft gross weight of *** at the start of ground run at sea level pressure altitude in *** conditions shall be not more
than a guaranteed value of : ***



| | 2.4 | Second
                                                                                      Segment Climb
| | --- | ----------------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations for one engine inoperative climb after take-off, undercarriage retracted, at a weight corresponding to the stated
weight at the start of ground run at the altitude and temperature and in the configuration of flap angle and safety speed required
to comply with the performance guaranteed in Clause 2.3



| | 2.5 | Landing
                                                                                      Field Length
| | --- | ----------------------------------------------------------------------------------------------------------



JAR certified dry landing
field length at an Aircraft gross weight of *** at sea level pressure altitude shall be not more than a guaranteed value of :
***



| | 2.6 | En-route One Engine
                                                                    Inoperative
| | --- | ---------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations minimum en-route climb gradient (1.1%), with one engine inoperative and the other one operating at the maximum continuous
thrust available at that altitude, with air conditioning on, with anti-icing off, at an Aircraft gross weight of *** in cruise
configuration, in *** conditions at a pressure altitude of a guaranteed value of not less than: ***



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 1/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 3 - RR | Private & Confidential











APPENDIX 3 to LETTER AGREEMENT N°
5



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



The Seller guarantees a Manufacturer's
Weight Empty of ***



This Manufacturer's Weight
Empty is defined in Section 13-10.00.00 of the Specification as defined in Clause 1 above, and is subject to adjustment as defined
in Clause 6.



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



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



| | 4.2. | For the determination
                                                                                of JAR take-off and landing performance a hard
                                                                                level dry runway surface with no runway strength
                                                                                limitations, no line-up allowance, no obstacles,
                                                                                zero wind, atmosphere according to ISA, except
                                                                                as otherwise stated and the use of speedbrakes,
                                                                                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.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2.2. | When establishing
                                                                                  en-route one engine inoperative climb performance
                                                                                  the air conditioning bleed shall be on but no
                                                                                  air will be bled from the engines for 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 Clause 5.3 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.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cruise performance at ***
and above is based on a centre of gravity position of ***.



| | 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 unless otherwise stated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 2/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 3 - RR | Private & Confidential











APPENDIX 3 to LETTER AGREEMENT N°
5



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



| | 5.3. | Compliance with
                                                                                those parts of the guarantees defined in Clause
                                                                                2 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) A330-300 aircraft of the same aerodynamic
                                                                                configuration as those Aircraft purchased by the
                                                                                Buyer and incorporated in the In-Flight Performance
                                                                                Program and data bases appropriate to the Aircraft..
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4. | Compliance with
                                                                                the Manufacturer's Weight Empty guarantee defined
                                                                                in Clause 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's specification.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 A330-300 Aircraft
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 6.1. | If any change
                                                                                to any law, governmental regulation or requirement
                                                                                or interpretation thereof by any governmental
                                                                                agency (a “Rule Change” is
                                                                                made subsequent to the date of the Purchase Agreement
                                                                                and such Rule Change affects the Aircraft configuration
                                                                                and/or performance required to obtain certification,
                                                                                then the Guarantees shall be appropriately modified
                                                                                to reflect the effect of any such Rule Change.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2. | The Guarantees
                                                                                apply to the Aircraft as described in Clause 1
                                                                                and may be adjusted in the event of :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



The Guarantees are exclusive
and are provided in lieu of any and all other performance and weight guarantees of any nature which may be stated, referenced
or incorporated in the Specification or any other document.



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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APPENDIX 4 to LETTER AGREEMENT N°
5



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



The guarantees defined below
(the "Guarantees") are applicable to the A330-300 aircraft (the “Aircraft” for the purpose
of this Appendix 4) as described in the Technical Specification ***, as amended by the Specification Change Notices for:



| | (i) | installation
                                                                                 of GENERAL ELECTRIC CF6-80E1A4 engines; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ***
| | ---- | ---



without
taking into account any further changes thereto as provided in the Purchase Agreement (the “Specification”
for the purpose of this Appendix 4).



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



| | 2.1 | Speed
| | --- | -----



Level flight speed at an Aircraft
gross weight of *** at a pressure altitude of *** using a thrust not exceeding maximum cruise thrust shall be not less than the
guaranteed Mach number value of:	***



| | 2.2 | Specific
                                                                                      Range
| | --- | ----------------------------------------------------------------------------------------------------



The average nautical miles
per kilogram of fuel (Average SR) at the weights and altitudes defined below in *** conditions at a true Mach number of ***

|Weight | Pressure Altitude
|------ | -----------------
|***    | ***              



shall be not less than a guaranteed
value of : Average SR = ***



| | 2.3 | Take-off
| | --- | --------



JAR take-off field length
at an Aircraft gross weight of *** at the start of ground run at sea level pressure altitude in *** conditions shall be not more
than a guaranteed value of : ***



| | 2.4 | Second
                                                                                      Segment Climb
| | --- | ----------------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations for one engine inoperative climb after take-off, undercarriage retracted, at a weight corresponding to the stated
weight at the start of ground run at the altitude and temperature and in the configuration of flap angle and safety speed required
to comply with the performance guaranteed in Clause 2.3



| | 2.5 | Landing
                                                                                      Field Length
| | --- | ----------------------------------------------------------------------------------------------------------



JAR certified dry landing
field length at an Aircraft gross weight of *** at sea level pressure altitude shall be not more than a guaranteed value of :
***



| | 2.6 | En-route One Engine
                                                                    Inoperative
| | --- | ---------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations minimum en-route climb gradient (1.1%), with one engine inoperative and the other one operating at the maximum continuous
thrust available at that altitude, with air conditioning on, with anti-icing off, at an Aircraft gross weight of *** in cruise
configuration, in *** conditions at a pressure altitude of a guaranteed value of not less than: ***



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|CT1102624        | APPENDIX 4 - GE | Private & Confidential











APPENDIX 4 to LETTER AGREEMENT N°
5



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



The Seller guarantees a Manufacturer's
Weight Empty of ***



This Manufacturer's Weight
Empty is defined in Section 13-10.00.00 of the Specification as defined in Clause 1 above, and is subject to adjustment as defined
in Clause 6.



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



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



| | 4.2. | For the determination
                                                                                of JAR take-off and landing performance a hard
                                                                                level dry runway surface with no runway strength
                                                                                limitations, no line-up allowance, no obstacles,
                                                                                zero wind, atmosphere according to ISA, except
                                                                                as otherwise stated and the use of speedbrakes,
                                                                                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.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2.2. | When establishing
                                                                                  en-route one engine inoperative climb performance
                                                                                  the air conditioning bleed shall be on but no
                                                                                  air will be bled from the engines for 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 Clause 5.3 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.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cruise performance at ***
and above is based on a centre of gravity position of ***.



| | 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 unless otherwise stated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|CT1102624        | APPENDIX 4 - GE | Private & Confidential











APPENDIX 4 to LETTER AGREEMENT N°
5



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



| | 5.3. | Compliance with
                                                                                those parts of the guarantees defined in Clause
                                                                                2 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) A330-300 aircraft of the same aerodynamic
                                                                                configuration as those Aircraft purchased by the
                                                                                Buyer and incorporated in the In-Flight Performance
                                                                                Program and data bases appropriate to the Aircraft..
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4. | Compliance with
                                                                                the Manufacturer's Weight Empty guarantee defined
                                                                                in Clause 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's specification.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 A330-300 Aircraft
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 6.1. | If any change
                                                                                to any law, governmental regulation or requirement
                                                                                or interpretation thereof by any governmental
                                                                                agency (a “Rule Change” is
                                                                                made subsequent to the date of the Purchase Agreement
                                                                                and such Rule Change affects the Aircraft configuration
                                                                                and/or performance required to obtain certification,
                                                                                then the Guarantees shall be appropriately modified
                                                                                to reflect the effect of any such Rule Change.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2. | The Guarantees
                                                                                apply to the Aircraft as described in Clause 1
                                                                                and may be adjusted in the event of :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



The Guarantees are exclusive
and are provided in lieu of any and all other performance and weight guarantees of any nature which may be stated, referenced
or incorporated in the Specification or any other document.



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|CT1102624        | APPENDIX 4 - GE | Private & Confidential











APPENDIX 5 to LETTER AGREEMENT N°
5



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



The guarantees defined below
(the "Guarantees") are applicable to the A330-300 aircraft (the “Aircraft” for the purpose
of this Appendix 5) as described in the Technical Specification ***, as amended by the Specification Change Notices for:



| | (i) | installation
                                                                                 of PRATT & WHITNEY PW 4170 engines; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ***
| | ---- | ---



without taking into account
any further changes thereto as provided in the Purchase Agreement (the “Specification” for the purpose of this
Appendix 5).



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



| | 2.1 | Speed
| | --- | -----



Level flight speed at an Aircraft
gross weight of *** at a pressure altitude of *** using a thrust not exceeding maximum cruise thrust shall be not less than the
guaranteed Mach number value of: ***



| | 2.2 | Specific
                                                                                      Range
| | --- | ----------------------------------------------------------------------------------------------------



The average nautical miles
per kilogram of fuel (Average SR) at the weights and altitudes defined below in *** conditions at a true Mach number of ***

|Weight | Pressure Altitude
|------ | -----------------
|***    | ***              



shall be not less than a guaranteed
value of : Average SR = ***



| | 2.3 | Take-off
| | --- | --------



JAR take-off field length
at an Aircraft gross weight of *** at the start of ground run at sea level pressure altitude in *** conditions shall be not more
than a guaranteed value of : ***



| | 2.4 | Second
                                                                                      Segment Climb
| | --- | ----------------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations for one engine inoperative climb after take-off, undercarriage retracted, at a weight corresponding to the stated
weight at the start of ground run at the altitude and temperature and in the configuration of flap angle and safety speed required
to comply with the performance guaranteed in Clause 2.3



| | 2.5 | Landing
                                                                                      Field Length
| | --- | ----------------------------------------------------------------------------------------------------------



JAR certified dry landing
field length at an Aircraft gross weight of *** at sea level pressure altitude shall be not more than a guaranteed value of :
***



| | 2.6 | En-route One Engine
                                                                    Inoperative
| | --- | ---------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations minimum en-route climb gradient (1.1%), with one engine inoperative and the other one operating at the maximum continuous
thrust available at that altitude, with air conditioning on, with anti-icing off, at an Aircraft gross weight of *** in cruise
configuration, in *** conditions at a pressure altitude of a guaranteed value of not less than: ***



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 1/3              
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|CT1102624        | APPENDIX 5 - PW | Private & Confidential











APPENDIX 5 to LETTER AGREEMENT N°
5



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



The Seller guarantees a Manufacturer's
Weight Empty of ***



This Manufacturer's Weight
Empty is defined in Section 13-10.00.00 of the Specification as defined in Clause 1 above, and is subject to adjustment as defined
in Clause 6.



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



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



| | 4.2. | For the determination
                                                                                of JAR take-off and landing performance a hard
                                                                                level dry runway surface with no runway strength
                                                                                limitations, no line-up allowance, no obstacles,
                                                                                zero wind, atmosphere according to ISA, except
                                                                                as otherwise stated and the use of speedbrakes,
                                                                                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.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2.2. | When establishing
                                                                                  en-route one engine inoperative climb performance
                                                                                  the air conditioning bleed shall be on but no
                                                                                  air will be bled from the engines for 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 Clause 5.3 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.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cruise performance at ***
and above is based on a centre of gravity position of ***.



| | 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 unless otherwise stated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 2/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 5 - PW | Private & Confidential











APPENDIX 5 to LETTER AGREEMENT N°
5



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



| | 5.3. | Compliance with
                                                                                those parts of the guarantees defined in Clause
                                                                                2 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) A330-300 aircraft of the same aerodynamic
                                                                                configuration as those Aircraft purchased by the
                                                                                Buyer and incorporated in the In-Flight Performance
                                                                                Program and data bases appropriate to the Aircraft..
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4. | Compliance with
                                                                                the Manufacturer's Weight Empty guarantee defined
                                                                                in Clause 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's specification.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 A330-300 Aircraft
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 6.1. | If any change
                                                                                to any law, governmental regulation or requirement
                                                                                or interpretation thereof by any governmental
                                                                                agency (a “Rule Change” is
                                                                                made subsequent to the date of the Purchase Agreement
                                                                                and such Rule Change affects the Aircraft configuration
                                                                                and/or performance required to obtain certification,
                                                                                then the Guarantees shall be appropriately modified
                                                                                to reflect the effect of any such Rule Change.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2. | The Guarantees
                                                                                apply to the Aircraft as described in Clause 1
                                                                                and may be adjusted in the event of :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



The Guarantees are exclusive
and are provided in lieu of any and all other performance and weight guarantees of any nature which may be stated, referenced
or incorporated in the Specification or any other document.



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 3/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 5 - PW | Private & Confidential











APPENDIX 6 to LETTER AGREEMENT N°
5



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



The guarantees defined below
(the "Guarantees") are applicable to the A330-300 aircraft (the “Aircraft” for the purpose
of this Appendix 6) as described in the Technical Specification ***, as amended by the Specification Change Notices for:



| | (i) | installation
                                                                                 of ROLLS ROYCE TRENT 772B engines
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ***
| | ---- | ---



without taking into account
any further changes thereto as provided in the Purchase Agreement (the “Specification” for the purpose of this
Appendix 6).



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



| | 2.1 | Speed
| | --- | -----



Level flight speed at an Aircraft
gross weight of *** at a pressure altitude of *** using a thrust not exceeding maximum cruise thrust shall be not less than the
guaranteed Mach number value of: ***



| | 2.2 | Specific
                                                                                      Range
| | --- | ----------------------------------------------------------------------------------------------------



The average nautical miles
per kilogram of fuel (Average SR) at the weights and altitudes defined below in *** conditions at a true Mach number of ***

|Weight | Pressure Altitude
|------ | -----------------
|***    | ***              



shall be not less than a guaranteed
value of : Average SR = ***



| | 2.3 | Take-off
| | --- | --------



JAR take-off field length
at an Aircraft gross weight of *** at the start of ground run at sea level pressure altitude in *** conditions shall be not more
than a guaranteed value of : ***



| | 2.4 | Second
                                                                                      Segment Climb
| | --- | ----------------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations for one engine inoperative climb after take-off, undercarriage retracted, at a weight corresponding to the stated
weight at the start of ground run at the altitude and temperature and in the configuration of flap angle and safety speed required
to comply with the performance guaranteed in Clause 2.3



| | 2.5 | Landing
                                                                                      Field Length
| | --- | ----------------------------------------------------------------------------------------------------------



JAR certified dry landing
field length at an Aircraft gross weight of *** at sea level pressure altitude shall be not more than a guaranteed value of :
***



| | 2.6 | En-route One Engine
                                                                    Inoperative
| | --- | ---------------------------------------------------------------------------------------------------



The Aircraft shall meet JAR
regulations minimum en-route climb gradient (1.1%), with one engine inoperative and the other one operating at the maximum continuous
thrust available at that altitude, with air conditioning on, with anti-icing off, at an Aircraft gross weight of *** in cruise
configuration, in *** conditions at a pressure altitude of a guaranteed value of not less than: ***



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA5             | Page 1/3              
|---------------- | --------------- | ----------------------
|CT1102624        | APPENDIX 6 - RR | Private & Confidential











APPENDIX 6 to LETTER AGREEMENT N°
5



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



The Seller guarantees a Manufacturer's
Weight Empty of ***



This Manufacturer's Weight
Empty is defined in Section 13-10.00.00 of the Specification as defined in Clause 1 above, and is subject to adjustment as defined
in Clause 6.



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



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



| | 4.2. | For the determination
                                                                                of JAR take-off and landing performance a hard
                                                                                level dry runway surface with no runway strength
                                                                                limitations, no line-up allowance, no obstacles,
                                                                                zero wind, atmosphere according to ISA, except
                                                                                as otherwise stated and the use of speedbrakes,
                                                                                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.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2.2. | When establishing
                                                                                  en-route one engine inoperative climb performance
                                                                                  the air conditioning bleed shall be on but no
                                                                                  air will be bled from the engines for 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 Clause 5.3 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.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cruise performance at ***
and above is based on a centre of gravity position of ***.



| | 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 unless otherwise stated.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|CT1102624        | APPENDIX 6 - RR | Private & Confidential











APPENDIX 6 to LETTER AGREEMENT N°
5



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



| | 5.3. | Compliance with
                                                                                those parts of the guarantees defined in Clause
                                                                                2 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) A330-300 aircraft of the same aerodynamic
                                                                                configuration as those Aircraft purchased by the
                                                                                Buyer and incorporated in the In-Flight Performance
                                                                                Program and data bases appropriate to the Aircraft..
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4. | Compliance with
                                                                                the Manufacturer's Weight Empty guarantee defined
                                                                                in Clause 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's specification.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 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 A330-300 Aircraft
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| | 6.1. | If any change
                                                                                to any law, governmental regulation or requirement
                                                                                or interpretation thereof by any governmental
                                                                                agency (a “Rule Change” is
                                                                                made subsequent to the date of the Purchase Agreement
                                                                                and such Rule Change affects the Aircraft configuration
                                                                                and/or performance required to obtain certification,
                                                                                then the Guarantees shall be appropriately modified
                                                                                to reflect the effect of any such Rule Change.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2. | The Guarantees
                                                                                apply to the Aircraft as described in Clause 1
                                                                                and may be adjusted in the event of :
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



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



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



The Guarantees are exclusive
and are provided in lieu of any and all other performance and weight guarantees of any nature which may be stated, referenced
or incorporated in the Specification or any other document.



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



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|CT1102624        | APPENDIX 6 - RR | Private & Confidential











LETTER
AGREEMENT N°6



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : Miscellaneous Matters



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°6



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



| |  | 
| |  | 

| |  | With respect only to the Aircraft purchased
                                                         under the Purchase Agreement, the Parties agree to delete Clause 5.3.4
                                                         of the AGTA in its entirety and replace it with the following provision
                                                         between the words QUOTE and UNQUOTE:
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



QUOTE

| | 5.3.4 | ***
| | ----- | ---

UNQUOTE



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



| |  | With respect only to the Aircraft purchased
                                                         under the Purchase Agreement, the Parties agree to add a new Clause 7.4.3
                                                         to the AGTA as set forth below between the words QUOTE and UNQUOTE:
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

QUOTE

| | 7.4.3 | ***
| | ----- | ---

UNQUOTE



| | 3 | Clause 18 of the AGTA
| | - | ---------------------



| |  | With respect only to the Aircraft purchased
                                                         under the Purchase Agreement, the Parties agree to delete Clause 18.3.2
                                                         of the AGTA in its entirety and replace it with the following provision
                                                         between the words QUOTE and UNQUOTE:
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



QUOTE

| | 18.3.2 | ***
| | ------ | ---

UNQUOTE



| | 4 | Assignment
| | - | ----------



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5 | Confidentiality
| | - | ---------------



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°6



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   
|                               |                                    
|Witnessed and acknowledged,    |                                    
|                               |                                    
|For and on behalf of           |                                    



CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°7



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject : Customer Support Matters



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement dated as of even date herewith (the "Purchase
Agreement") which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°7



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



| | 1.1 | With respect only to the Aircraft
                                                            purchased under the Purchase Agreement, Clause 14.4.3.1 of the AGTA
                                                            shall be deleted in its entirety and replaced by the following quoted
                                                            text:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

QUOTE

| | 14.4.3.1 | ***
| | -------- | ---

UNQUOTE



| | 1.2 | With respect only to the Aircraft
                                                            purchased under the Purchase Agreement, Clause 14.6 of the AGTA shall
                                                            be deleted in its entirety and replaced by the following quoted text:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



QUOTE

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

QUOTE



| | 1.3 | With respect only to the Aircraft
                                                            purchased under the Purchase Agreement, the following quoted text
                                                            shall be added at the end of 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 following clauses shall
                                                            be added 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 following clause 4.2.2
                                                            shall be added to Exhibit H of the AGTA:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 

QUOTE

| | 4.2.2 | ***
| | ----- | ---

UNQUOTE



| | 3 | Assignment
| | - | ----------



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4 | Confidentiality
| | - | ---------------



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA7 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°7



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA7 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°8



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject :***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA8 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential













LETTER
AGREEMENT N°8



***



| | 4 | Assignment
| | - | ----------



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5 | Confidentiality
| | - | ---------------



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA8 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°8



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA8 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°9



CHINA SOUTHERN AIRLINES COMPANY LIMITED

Bai Yun Airport,

Guangzhou 510405

People's Republic of China



Subject :***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.



If there is any inconsistency between
the Purchase Agreement and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA9 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential













LETTER
AGREEMENT N°9



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Letter Agreement.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA9 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











LETTER
AGREEMENT N°9



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Letter Agreement
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | LA9 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°1



CHINA SOUTHERN AIRLINES COMPANY LIMITED

& CHINA SOUTHERN AIRLINES GROUP IMPORT

AND EXPORT TRADING CORP., LTD.

Bai Yun Airport

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Side Letter shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Side Letter,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Side Letter.



If there is any inconsistency between
the Purchase Agreement and this Side Letter, the latter shall prevail to the extent of such inconsistency.



Now, with respect to the Aircraft, the
Buyer and the Seller agree the following:



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL1 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°1



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL1 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°1



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Side Letter
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL1 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°2



CHINA SOUTHERN AIRLINES COMPANY LIMITED

& CHINA SOUTHERN AIRLINES GROUP IMPORT

AND EXPORT TRADING CORP., LTD.

Bai Yun Airport

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Side Letter shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Side Letter,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Side Letter.



If there is any inconsistency between
the Purchase Agreement and this Side Letter, the latter shall prevail to the extent of such inconsistency.



Now, with respect to the Aircraft, the
Buyer and the Seller agree the following:



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL2 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°2



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL2 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°2



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Side Letter
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL2 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°3



CHINA SOUTHERN AIRLINES COMPANY LIMITED

& CHINA SOUTHERN AIRLINES GROUP IMPORT

AND EXPORT TRADING CORP., LTD.

Bai Yun Airport

Guangzhou 510405

People's Republic of China



Subject : ***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Side Letter shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Side Letter,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Side Letter.



If there is any inconsistency between
the Purchase Agreement and this Side Letter, the latter shall prevail to the extent of such inconsistency.



Now, with respect to the Aircraft, the
Buyer and the Seller agree the following:



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL3 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°3



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL3 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°3



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Side Letter
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer – Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL3 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°4



CHINA SOUTHERN AIRLINES COMPANY LIMITED

& CHINA SOUTHERN AIRLINES GROUP IMPORT

AND EXPORT TRADING CORP., LTD.

Bai Yun Airport

Guangzhou 510405

People's Republic of China



Subject :***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330 Family aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Side Letter shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Side Letter,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Side Letter.



If there is any inconsistency between
the Purchase Agreement and this Side Letter, the latter shall prevail to the extent of such inconsistency.



Now, with respect to the Aircraft, the
Buyer and the Seller agree the following:



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL4 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°4



***

| |  | 
| |  | 



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL4 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°4



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Side Letter
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA
SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL4 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°5



CHINA SOUTHERN AIRLINES COMPANY LIMITED

& CHINA SOUTHERN AIRLINES GROUP IMPORT

AND EXPORT TRADING CORP., LTD.

Bai Yun Airport

Guangzhou 510405

People's Republic of China



Subject :***



CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into an aircraft general terms agreement dated February
2nd, 2010 (the “AGTA”) and an A330-300 aircraft purchase agreement (the "Purchase Agreement")
dated as of even date herewith which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Aircraft.



Capitalized terms used herein and not
otherwise defined in this Side Letter shall have the meanings assigned thereto in the AGTA or in the Purchase Agreement.



The Parties agree that this Side Letter,
upon execution thereof, shall constitute an integral, nonseverable part of said Purchase Agreement and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Side Letter.



If there is any inconsistency between
the Purchase Agreement and this Side Letter, the latter shall prevail to the extent of such inconsistency.



Now, with respect to the Aircraft, the
Buyer and the Seller agree the following:



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL5 | Page 1/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°5



***



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



| |  | The terms and conditions of Clause 21.1
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



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



| |  | The terms and conditions of Clause 22.12
                                                         of the AGTA shall apply mutatis mutandis to this Side Letter.
| |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL5 | Page 2/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential











SIDE
LETTER N°5



If the foregoing correctly sets forth
our understanding, please execute three (3) originals in the space provided below and return one (1) original of this Side Letter
to the Seller.



|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: ______________________   | John LEAHY                         
|                               |                                    
|Title:  ______________________ | Chief Operating Officer - Customers
|                               |                                    
|Signature: ___________________ | Signature: _____________________   



Witnessed and acknowledged,



For and on behalf of



CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.



Name: ______________________



Title: ______________________



Signature: __________________



___________________________, 2012



| | *** | This information is subject
                                                                 to confidential treatment and has been omitted and filled separately
                                                                 with the Commission
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|PA A330 CSN 2011 | SL5 | Page 3/3              
|---------------- | --- | ----------------------
|CT1102624        |     | Private & Confidential