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

| PA A320 CSN 2010 | Page 1/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

| A1     | A320-200 STANDARD SPECIFICATION |
|--------|---------------------------------|
|   |                            |
| A2     | A321-200 STANDARD SPECIFICATION |
|   |                            |
| B      | AIRFRAME PRICE REVISION FORMULA |
|   |                            |
| C1     | CFM PRICE REVISION FORMULA      |
|   |                            |
| C2     | IAE PRICE REVISION FORMULA      |

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

| PA A320 CSN 2010 | Page 2/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

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

| PA A320 CSN 2010 | Page 3/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

|   | A320 Airframe | means the A320 Aircraft excluding the A320 Propulsion Systems. |
|--------|---------------|----------------------------------------------------------------|

|   | A321 Airframe | means the A321 Aircraft excluding the A321 Propulsion Systems. |
|--------|---------------|----------------------------------------------------------------|

|   | A320 Aircraft | means an Airbus A320-200 model aircraft including the A320 Airframe, the A320 Propulsion Systems, and any part, component, furnishing or equipment installed on the A320 Aircraft on Delivery under the terms and conditions of this Agreement and the AGTA. |
|--------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A321 Aircraft | means an Airbus A321-200 model aircraft including the A321 Airframe, the A321 Propulsion Systems, and any part, component, furnishing or equipment installed on the A321 Aircraft on Delivery under the terms and conditions of this Agreement and the AGTA. |
|--------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Systems | as specified in Clause 2.2.1. |
|--------|---------|-------------------------------|

|   | Systems | as specified in Clause 2.2.2. |
|--------|---------|-------------------------------|

|   | A320 Specification | means either (a) the A320 Standard Specification if no SCNs are applicable or (b) if SCNs are issued, the A320 Standard Specification as amended by all applicable SCNs and MSCNs. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A321 Specification | means either (a) the A321 Standard Specification if no SCNs are applicable or (b) if SCNs are issued, the A321 Standard Specification as amended by all applicable SCNs and MSCNs. |
|--------|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Specification | means the A320-200 standard specification document number D.000.02000 Issue 7, dated March 1, 2007 a copy of which has been annexed hereto as Appendix A2, with the following design weights: |
|--------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 | Page 4/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

|   | MTOW: | 73.5 tonnes |
|--------|-------|-------------|

|   | MLW: | 64.5 tonnes and |
|--------|------|-----------------|

|   | MZFW: | 61.0 tonnes |
|--------|-------|-------------|

|   | Specification | means the A321-200 standard specification document number E.000.02000 Issue 4, dated March 1, 2007 a copy of which has been annexed hereto as Appendix A3, with the following design weights: |
|--------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | MTOW: | 89 tonnes |
|--------|-------|-----------|

|   | MLW: | 75.5 tonnes and |
|--------|------|-----------------|

|   | MZFW: | 71.5 tonnes |
|--------|-------|-------------|

|   | Airframe Base Price | means, with respect to the: |
|--------|---------------------|-----------------------------|

|   |   (i) | A320 Airframe, the A320 Airframe Base Price set forth in Clause 3.1.1; |
|--------|------------|------------------------------------------------------------------------|

|   |   (ii) | A321 Airframe, the A321 Airframe Base Price set forth in Clause 3.1.2; or |
|--------|-------------|---------------------------------------------------------------------------|

|   |   (iii) | Aircraft, any or all of the A320 Airframe Base Price and the A321 Airframe Base Price. |
|--------|--------------|----------------------------------------------------------------------------------------|

|   | Aircraft | means any or all of the A320 Aircraft and A321 Aircraft. |
|--------|----------|----------------------------------------------------------|

|   | Condition Year | *** |
|--------|----------------|-----|

|   | Base Price | means the sum of the applicable Airframe Base Price and the applicable Propulsion Systems Base Price. |
|--------|------------|-------------------------------------------------------------------------------------------------------|

|   | Damages Amount | as specified in Clause 6. |
|--------|----------------|---------------------------|

|   | First Quarter, or Q1 | means the months of January, February, and March. |
|--------|----------------------|---------------------------------------------------|

|   | Fourth Quarter, or Q4 | means the months of October, November, and December. |
|--------|-----------------------|------------------------------------------------------|

|   | Period | as specified in Clause 8.2. |
|--------|--------|-----------------------------|

|   | Base Price | as specified in Clause 3.2. |
|--------|------------|-----------------------------|

|   | Manufacturer | means the manufacturer of the selected Propulsion Systems. |
|--------|--------------|------------------------------------------------------------|

|   | Reference Price | as specified in Clause 3.2. |
|--------|-----------------|-----------------------------|

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

| PA A320 CSN 2010 | Page 5/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

|   | Quarter | means any or all of the First Quarter, Second Quarter, Third Quarter and Fourth Quarter |
|--------|---------|-----------------------------------------------------------------------------------------|

|   | Period | as specified in Clause 8.1. |
|--------|--------|-----------------------------|

|   | Second Quarter, or Q2 | means the months of April, May, and June. |
|--------|-----------------------|-------------------------------------------|

|   | Third Quarter, or Q3 | means the months of July, August, and September. |
|--------|----------------------|--------------------------------------------------|

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

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

|   | The Seller shall sell and deliver and the Buyer shall buy and take delivery of thirty (30) Aircraft on the Delivery Dates at the Delivery Location upon the terms and conditions contained in this Agreement. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 2.1.1 | Standard Specification for the A320 Aircraft |
|-------|----------------------------------------------|

| 2.1.2 | Standard Specification for the A321 Aircraft |
|-------|----------------------------------------------|

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

| PA A320 CSN 2010 | Page 6/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

| 2.2.1 | The A320 Airframe will be equipped with a set of two (2): |
|-------|-----------------------------------------------------------|

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

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

| 2.2.2 | The A321 Airframe will be equipped with a set of two (2): |
|-------|-----------------------------------------------------------|

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

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

| 2.2.3 | The Buyer shall notify the Seller in writing of its selection of Propulsion Systems type for the Aircraft by no later than *** prior to the Scheduled Delivery Month of the first Aircraft based on the Aircraft delivery schedule set forth in Clause 4 herein.  Such selection shall be incorporated in the applicable Aircraft Specification by signature of a Specification Change Notice.  If the Buyer does not select its Propulsion Systems type as agreed herein, in addition to its other rights and remedies, the Seller will have the right to defer the Scheduled Delivery Months of any or all of the Aircraft. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| 3.1.1 | A320 Airframe Base Price |
|-------|--------------------------|

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

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

| PA A320 CSN 2010 | Page 7/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

| 3.1.2 | A321 Airframe Base Price |
|-------|--------------------------|

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

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

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

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

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

| 3.2.1.1 | The Propulsion Systems Base Price of a set of two (2) CFM INTERNATIONAL Propulsion Systems is: |
|---------|------------------------------------------------------------------------------------------------|

|   | (i) | CFM56-5B4/3 for the A320 Aircraft |
|--------|-----|-----------------------------------|

|   | (ii) | CFM56-5B3/3 for the A321 Aircraft |
|--------|------|-----------------------------------|

| 3.2.1.2 | Such CFM International Propulsion Systems Base Prices have been established in accordance with delivery conditions for a theoretical delivery in *** and have been calculated from the CFM International Propulsion Systems Reference Prices below: |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | CFM56-5B4/3 for the A320 Aircraft |
|--------|-----|-----------------------------------|

|   | (ii) | CFM56-5B3/3 for the A321 Aircraft |
|--------|------|-----------------------------------|

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

| PA A320 CSN 2010 | Page 8/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

| 3.2.2.1 | The Propulsion Systems Base Price of a set of two (2) INTERNATIONAL AERO ENGINES Propulsion Systems (excluding specifically engine accessories, nacelles and thrust reversers) is: |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | IAE V2527-A5 for the A320 Aircraft |
|--------|-----|------------------------------------|

|   | (ii) | IAE V2533-A5 for the A321 Aircraft |
|--------|------|------------------------------------|

| 3.2.2.2 | Such INTERNATIONAL AERO ENGINES Propulsion Systems Base Prices have been established in accordance with delivery conditions for a theoretical delivery in *** and have been calculated from the INTERNATIONAL AERO ENGINES Propulsion Systems Reference Prices below: |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | IAE V2527-A5 for the A320 Aircraft |
|--------|-----|------------------------------------|

|   | (ii) | IAE V2533-A5 for the A321 Aircraft |
|--------|------|------------------------------------|

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

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

| PA A320 CSN 2010 | Page 9/16                  |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

|   | N°1  | A320 Aircraft | ***    |
|--------|-----------|---------------|--------|
|   | N°2  | A320 Aircraft | ***    |
|   |      |          |   |
|   | N°3  | A321 Aircraft | ***    |
|   | N°4  | A321 Aircraft | ***    |
|   |      |          |   |
|   | N°5  | A321 Aircraft | ***    |
|   | N°6  | A321 Aircraft | ***    |
|   | N°7  | A321 Aircraft | ***    |
|   | N°8  | A321 Aircraft | ***    |
|   |      |          |   |
|   | N°9  | A320 Aircraft | ***    |
|   | N°10 | A320 Aircraft | ***    |
|   |      |          |   |
|   | N°11 | A321 Aircraft | ***    |
|   | N°12 | A321 Aircraft | ***    |
|   | N°13 | A321 Aircraft | ***    |
|   | N°14 | A321 Aircraft | ***    |
|   | N°15 | A321 Aircraft | ***    |
|   | N°16 | A321 Aircraft | ***    |
|   | N°17 | A321 Aircraft | ***    |
|   | N°18 | A321 Aircraft | ***    |
|   | N°19 | A321 Aircraft | ***    |
|   | N°20 | A321 Aircraft | ***    |
|   |      |          |   |
|   | N°21 | A321 Aircraft | ***    |
|   | N°22 | A321 Aircraft | ***    |
|   | N°23 | A321 Aircraft | ***    |
|   | N°24 | A321 Aircraft | ***    |
|   |      |          |   |
|   | N°25 | A320 Aircraft | ***    |
|   | N°26 | A320 Aircraft | ***    |
|   | N°27 | A320 Aircraft | ***    |
|   | N°28 | A320 Aircraft | ***    |
|   | N°29 | A320 Aircraft | ***    |
|   | N°30 | A320 Aircraft | ***    |

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

| PA A320 CSN 2010 | Page 10/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

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

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

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

| PA A320 CSN 2010 | Page 11/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

|   | 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 OF 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, |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

| PA A320 CSN 2010 | Page 12/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

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

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

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

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

| PA A320 CSN 2010 | Page 13/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

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

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

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

| PA A320 CSN 2010 | Page 14/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

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

| PA A320 CSN 2010 | Page 15/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

| PA A320 CSN 2010 | Page 16/16                 |
|------------------|----------------------------|
| CT1001939        | Private & Confidential |

----

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

| PA A320 CSN 2010 |         |        |         | Page 1/1                   |
|------------------|--------------|-------------|--------------|----------------------------|
| CT 1001939       |    | Appendix A1 |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         |        |         | Page 1/1                   |
|------------------|--------------|-------------|--------------|----------------------------|
| CT 1001939       |    | Appendix A2 |    | Private & Confidential |

----

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

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

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

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

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

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

| PA A320 CSN 2010 |         |       |         | Page 1/1                   |
|------------------|--------------|------------|--------------|----------------------------|
| CT1001939        |    | Appendix B |    | Private & Confidential |

----

| 1 | Reference Price of the Propulsion Systems |
|---|-------------------------------------------|

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

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

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

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

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

| PA A320 CSN 2010 |         |        |         | Page 1/1                   |
|------------------|--------------|-------------|--------------|----------------------------|
| CT1001939        |    | Appendix C1 |    | Private & Confidential |

----

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

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

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

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

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

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

| PA A320 CSN 2010 |         |        |         | Page 1/1                   |
|------------------|--------------|-------------|--------------|----------------------------|
| CT1001939        |    | Appendix C2 |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA0    |         | Page 1/2                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

| LETTER    |         |                        |
|-----------|--------------|-----------------------------|
| AGREEMENT |         |                        |
|      |         |                        |
| N°1  |         | ***                         |
|      |         |                        |
| N°2  |         | ***                         |
|      |         |                        |
| N°3  |         | ***                         |
|      |         |                        |
| N°4  |         | ***                         |
|      |         |                        |
| N°5A |         | A320 PERFORMANCE GUARANTEES |
|      |         |                        |
| N°5B |         | A321 PERFORMANCE GUARANTEES |
|      |         |                        |
| N°6  |         | MISCELLANEOUS MATTERS       |
|      |         |                        |
| N°7  |         | CUSTOMER SUPPORT MATTERS    |
|      |         |                        |
| N°8  |         | ***                         |
|      |         |                        |
| N°9  |         | ***                         |
|      |         |                        |
| N°10 |         | ***                         |
|      |         |                        |
| SIDE      |         |                        |
| LETTER    |         |                        |
|      |         |                        |
| N°1  |         | ***                         |
|      |         |                        |
| N°2  |         | ***                         |
|      |         |                        |
| N°3  |         | ***                         |
|      |         |                        |
| N°4  |         | ***                         |
|      |         |                        |
| N°5  |    | ***                         |

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

| PA A320 CSN 2010 |         | LA0    |         | Page 2/2                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA1    |         | Page 1/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

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

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

| PA A320 CSN 2010 |         | LA1    |         | Page 2/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA1    |         | Page 3/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA2    |         | Page 1/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

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

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

| PA A320 CSN 2010 |         | LA2    |         | Page 2/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA2    |         | Page 3/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA3    |         | Page 1/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

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

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

| PA A320 CSN 2010 | LA3    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA3    |         | Page 3/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA4    |         | Page 1/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

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

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

| PA A320 CSN 2010 |         | LA4    |         | Page 2/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA4    |         | Page 3/3                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA5A   |         | Page 1/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

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

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

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

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

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

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

| PA A320 CSN 2010 |         | LA5A   |         | Page 2/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

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

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

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

| 4.3 | 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 below may be such as to optimize the Aircraft performance while meeting the minimum air conditioning requirements defined above. Unless otherwise stated no air will be bled from the engines for anti-icing. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

| PA A320 CSN 2010 |         | LA5A   |         | Page 3/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

| 5.3 | Compliance with those parts of the Guarantees defined in Clause above not covered by the requirements of the certifying Airworthiness Authority shall be demonstrated by calculation based on data obtained during flight tests conducted on one (or more, at the Seller's discretion) A320-200 aircraft of the same aerodynamic configuration as the Aircraft purchased by the Buyer and incorporated in the In-Flight Performance Program and data bases  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 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 Agreement and such Rule Change affects the Aircraft configuration or performance or both 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 of this Letter Agreement and may be adjusted in the event of: |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

| PA A320 CSN 2010 |         | LA5A   |         | Page 4/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

| 9. | *** |
|----|-----|

| 10. | ASSIGNMENT |
|-----|------------|

| 11. | CONFIDENTIALITY |
|-----|-----------------|

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

| PA A320 CSN 2010 |         | LA5A   |         | Page 5/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA5A   |         | Page 6/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA5B   |         | Page 1/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

|   | a) | CFM56-5B3/3 model engines (“CFM Engines”) |
|--------|----|-------------------------------------------------------|

|   | b) | IAE V2533-A5 model engines (“IAE Engines”) |
|--------|----|--------------------------------------------------------|

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

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

|   | a) | for Aircraft equipped with CFM Engines :      *** |
|--------|----|---------------------------------------------------------------------------------|

|   | b) | for Aircraft equipped with IAE Engines :        *** |
|--------|----|---------------------------------------------------------------------------------------------|

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

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

|   | a) | for Aircraft equipped with CFM Engines :      *** |
|--------|----|----------------------------------------------------------------------------|

|   | b) | for Aircraft equipped with IAE Engines :        *** |
|--------|----|----------------------------------------------------------------------------------------|

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

|   | a) | for Aircraft equipped with CFM Engines :      *** |
|--------|----|----------------------------------------------------------------------------|

|   | b) | for Aircraft equipped with IAE Engines :        *** |
|--------|----|----------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 |         | LA5B   |         | Page 2/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

|   | a) | for Aircraft equipped with CFM Engines        *** |
|--------|----|--------------------------------------------------------------------------------------|

|   | b) | for Aircraft equipped with IAE Engines          *** |
|--------|----|--------------------------------------------------------------------------------------------------|

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

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

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

| 4.3 | 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 below may be such as to optimize the Aircraft performance while meeting the minimum air conditioning requirements defined above. Unless otherwise stated no air will be bled from the engines for anti-icing. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

| PA A320 CSN 2010 |         | LA5B   |         | Page 3/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

| 5.3 | Compliance with those parts of the Guarantees defined in Clause 2 above not covered by the requirements of the certifying Airworthiness Authority shall be demonstrated by calculation based on data obtained during flight tests conducted on one (or more, at the Seller's discretion) A321-200 aircraft of the same aerodynamic configuration as the Aircraft purchased by the Buyer and incorporated in the In-Flight Performance Program and data bases  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 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 Agreement and such Rule Change affects the Aircraft configuration or performance or both 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 of this Letter Agreement and may be adjusted in the event of: |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

| 9. | *** |
|----|-----|

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

| PA A320 CSN 2010 |         | LA5B   |         | Page 4/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

| 10. | ASSIGNMENT |
|-----|------------|

| 11. | CONFIDENTIALITY |
|-----|-----------------|

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

| PA A320 CSN 2010 |         | LA5B   |         | Page 5/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 |         | LA5B   |         | Page 6/6                   |
|------------------|--------------|--------|--------------|----------------------------|
| CT1001939        |    |   |    | Private & Confidential |

----

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

| PA A320 CSN 2010 | LA6    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

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

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

| PA A320 CSN 2010 | LA6    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | LA6    | Page 3/3              |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | LA7    | Page 1/4                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

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

| 2.2 | With respect only to the Aircraft purchased under the Purchase Agreement, the following new Clause 4.2.2 shall be added to Exhibit H of the AGTA: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Operational Visit |
|----|-------------------|

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

| PA A320 CSN 2010 | LA7    | Page 2/4                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 5. | CBT Revision Service |
|----|----------------------|

| 6. | Training Allowance |
|----|--------------------|

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

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

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

| PA A320 CSN 2010 | LA7    | Page 3/4                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | LA7    | Page 4/4                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | LA8    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

| PA A320 CSN 2010 | LA8    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | LA8    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | LA9    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

| 5. | Assignment |
|----|------------|

| 6. | Confidentiality |
|----|-----------------|

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

| PA A320 CSN 2010 | LA9    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | LA9    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

| PA A320 CSN 2010 | LA10   | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

| PA A320 CSN 2010 | LA10   | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | LA10   | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | SL1    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

|   | This Side Letter (and its existence) shall be treated by the Parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other Parties. In particular, each Party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other Parties. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 | SL1    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | SL1    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | SL2    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

|   | This Side Letter (and its existence) shall be treated by the Parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other Parties. In particular, each Party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other Parties. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 | SL2    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | SL2    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | SL3    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

|   | This Side Letter (and its existence) shall be treated by the Parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other Parties. In particular, each Party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other Parties. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 | SL3    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | SL3    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | SL4    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

|   | This Side Letter (and its existence) shall be treated by the Parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other Parties. In particular, each Party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other Parties. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 | SL4    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | SL4    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| PA A320 CSN 2010 | SL5    | Page 1/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

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

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

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

|   | This Side Letter (and its existence) shall be treated by the Parties as confidential and shall not be released (or revealed) in whole or in part to any third party without the prior consent of the other Parties. In particular, each Party agrees not to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without the prior consent of the other Parties. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| PA A320 CSN 2010 | SL5    | Page 2/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----

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

| 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 filed separately with the Commission. |
|-----|----------------------------------------------------------------------------------------------------------------------|

| PA A320 CSN 2010 | SL5    | Page 3/3                   |
|------------------|--------|----------------------------|
| CT1001939        |   | Private & Confidential |

----