Tenancy Contract



Party A (Lessor): China Southern Air Holding Company



Party B (Lessee) : China Southern Airlines Company Limited



Given the properties owned by China Southern Air Holding Company
and its wholly owned subsidiaries in various cities in China, China Southern Airlines Company Limited agreed to rent some of which
as office premises. Upon negotiation by both parties, China Southern Air Holding Company, on behalf of its wholly owned subsidiaries,
entered into this contract with China Southern Airlines Company Limited with regards to the relevant tenancy:



Article 1 Location, Size and Rental



Upon negotiation by both parties, the annual rental fee shall
be RMB 4,436,600.00. See Appendix of this contract and this contract for details. Such price was determined by both parties on
a fair and reasonable basis and based on fair market rate, and will be no higher than the price and charging standard offered by
other independent third parties.



Article 2 Lease Term



The
lease term of the premise in the preceding provision shall be 2 yearseffective from 1 January 2012.



Article 3 Rental Payment



Rental payment, provided by Party B to Party A half-annually,
shall be settled within 15 days from the start date of a half-year period by bank remittance. Upon receipt of payment, Party A
shall issue a receipt of the respective amount.



Article 4 Change of Lessor and Lessee



| | 1. | Where Party A requires transferring its rights and obligations hereunder to a third party within the contract period, no agreement
from Party B shall be required albeit Party A shall inform Party B about such issue. A third party agent, upon delegation from
Party A, shall immediately become the new Party A hereof, entitled to the rights and liable for the obligations of the original
Party A.
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| | 2. | Party B shall not transfer its rights of the leased property to any third party without agreement from Party A during the term
hereof. The third party which obtained the agreement of Party A regarding the property use rights shall immediately become the
new Party B hereof, entitled to the rights and liable for the obligations of the original Party B.
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Article 5 Obligations of Party A



| | 1. | In the event of failure of Party A to provide the premises leased to Party B on schedule stipulated herein, Party A shall provide
Party B a default fine equivalent to 5% of the amount of rental during such delayed period and return the submitted rental payment
of such delayed period to Party B.
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| | 2. | Party B shall be responsible for the maintenance, and Party A shall be responsible for the repair of significant natural damage
of the leased property and attached facilities, such as elevator, drainage system, power supply and security facilities. In the
event of significant natural damage endangering general order of work without the receiving repairs from Party A, Party B may elect
to terminate this tenancy and repair on behalf of A, and, in such case, the invoice of the repairing costs may be distressed for
rent.
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| | 3. | Party A shall compensate for the loss(es) of Party B arising from situation described in the preceding clause.
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| | 4. | Where Party A requires redemption of the property for its own use during the tenancy period, the party shall terminate this
contract providing 3 months prior written notice and a default fine equivalent to 5% of the total amount of rental payments for
the remaining term to Party B.
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| | 5. | Should there be any laws, regulations or administrative orders requiring contribution, fully or partially, the rental payments
received by Party A from Party B, Party A shall be liable to comply such laws, regulations or administrative orders. In the event
of any loss(es) in Party B arising from violation of Party A of the forementioned requirements, Party A shall fully compensate
Party B on such loss(es).
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| | 6. | The property taxes of the assets set out in the Appendix of this agreement shall be borne by Party A.
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Article 6 Obligations of Party B



| | 1. | Party B shall pay rental fees pursuant to this contract. In the event of overdue rentals, an overdue fine equivalent to 0.1%
of the amount of payable rental shall be paid daily. In case of an overdue exceeding 3 months, Party A may repossess the premise
and take actions against all rentals and overdue fines in due.
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| | 2. | Where Party B requires a termination of tenancy due to extraordinary circumstances such as change of office premier during
the tenancy period, the party shall terminate this contract giving 3 months prior notice and default fines (equivalent to 5% of
the total rental amount in the remaining term) to Party A. Should Party B sublease the premier, the party shall report to Party
A for record.
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| | 3. | Party B accepts the commission by Party A, according to the relevant provisions of the local tax authorities to declare and
pay property taxes. The tax payment is borne by Party A, and the property taxes is settled on quarterly basis. Party A shall refund
to Party B within 15 working days upon receipt of the duty-paid original certificate provided by Party B.
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| | 4. | Party B shall not alter the building structure and use of the premise without obtaining prior agreement from Party A during
the tenancy period. In case of any damages to the premise and attached facilities due to deliberate or negligent reasons of Party
B, the party shall be responsible for recovering or providing compensation. Renovation should start only after obtaining agreement
from Party A. Fixture added during renovation of Party B could be traded to Party A in returning the premise upon contractual expiration,
or removed subject to set-up recovery.
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| | 5. | Upon expiration or termination of this contract, Party B shall return the premise within 1 month thereafter and settle rental
payments according to actual days of use. Any belongings left in the premise thereafter shall be deemed as abandoned by Party A
and shall be handled by Party A.
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| | 6. | Where Party B remains in the premise after the returning period upon expiration or termination of this contract, the party
shall compensate for the loss(es) of Party A arising therefrom. Where necessary, Party A may file legal processing or apply for
enforcement in the local people’s court.
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| | 7. | All utility fees and environmental and garbage collection fees during the tenancy period shall be borne by Party B.
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Article 7 Extension of Term



This contract shall not be automatically renewed. Both parties
are liable to notify the other party in written form regarding the extension of such tenancy 3 months prior to expiration. Should
both parties agree to continue such contract, a new contract shall be entered.



Article 8 Exemption of Liabilities



In case of damages on the premise caused by force majeure during
the term hereof, this contract shall be terminated automatically. None of the parties shall be liable thereof.



Article 9 Resolution of Disputes



Any dispute arising from this contract shall be resolved by
negotiation of the disputing parties. Either party shall have the right to prosecute a lawsuit in the people’s court upon
failure of resolving by negotiation.



Article 10 Others



For issues not stipulated in this contract, both parties may
sign a supplement agreement which constitutes as part of this contract.



This agreement shall be made out in quadruplicate with each
party holding two copies of each.





|Party A: China Southern Air Holding Company | Party B: China Southern Airlines Company
|------------------------------------------- | ----------------------------------------
|Limited                                     |                                         



|Authorized representative: (Seal and Signature) | Authorized representative: (Seal and Signature)
|----------------------------------------------- | -----------------------------------------------







Rent table of properties and buildings







|No.       |  | Title
    certificate No.                 |  | Name of
    buildings                          |  | Location                                               |  | Structure           |  | Completion
        Date |  | Measurement
        units |  | Construction
        area/volume |  | Annual
        rent(yuan/year)
|--------- |  | ----------------------------------------- |  | ---------------------------------------------- |  | ------------------------------------------------------ |  | ------------------- |  | ----------------------- |  | ------------------------- |  | -------------------------------- |  | ------------------------------
|Harbin    |  |                                           |  |                                                |  |                                                        |  |                     |  |                         |  |                           |  |                                  |  |                               
|1         |  | Ha Fang Quan Zheng Kai Guo Zi No.00059343 |  | Harbin Songshan garage                         |  | Garage 1/F,  Songshan Road,  Nangang District,  Harbin |  | Brick and concrete  |  | ########                |  | m2                        |  | 809.22                           |  | 22.17                         
|Changchun |  |                                           |  |                                                |  |                                                        |  |                     |  |                         |  |                           |  |                                  |  |                               
|1         |  |                                           |  | Changchun Er Dao  telephone station            |  | No.5038  Jilin Road,  Changchun,  Jilin                |  | Brick and concrete  |  | 1991-1-1                |  | m2                        |  | 450.00                           |  | 2.12                          
|Dalian    |  |                                           |  |                                                |  |                                                        |  |                     |  |                         |  |                           |  |                                  |  |                               
|1         |  |                                           |  | Dalian Hong Gang District Restaurant           |  | No.197-8  Honggang Road,  Ganjingzi District, Dalian   |  | Framework           |  | 2002-6-11               |  | m2                        |  | 694.00                           |  | 8.54                          
|Beijing   |  |                                           |  |                                                |  |                                                        |  |                     |  |                         |  |                           |  |                                  |  |                               
|1         |  |                                           |  | 1/F and 3/F of Beijing Southern Airlines Hotel |  |                                                        |  | Reinforced concrete |  | 2001-11-1               |  | m2                        |  | 1,393.00                         |  | 397.17                        
|Shanghai  |  |                                           |  |                                                |  |                                                        |  |                     |  |                         |  |                           |  |                                  |  |                               
|1         |  | Hu Fang Di Min Zi (1997) 009183           |  | Staff dormitory of Shanghai office             |  | No.14  Hanghua Yi Cun Yijiefang                        |  | Mixed               |  | 1994-5-1                |  | m2                        |  | 406.62                           |  | 13.66                         
|Total     |  |                                           |  |                                                |  |                                                        |  |                     |  |                         |  |                           |  |                                  |  | 443.66