Document:

<PAGE>

*** INDICATES CONFIDENTIAL MATERIAL OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT AND WILL BE FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION SEPARATELY UPON REQUEST.

                                                                    EXHIBIT 4.10

        [LOGO]                                               [LOGO]

                                  AIRBUS S.A.S.

                                       AND

                     CHINA EASTERN AIRLINES CORPORATION LTD

                                       AND

                        CHINA EASTERN AVIATION IMPORT AND
                               EXPORT CORPORATION

                                    [PICTURE]

                                    [PICTURE]

                                    [PICTURE]

                                        1
<PAGE>

                                AMENDMENT NO. 9

                         TO THE A320 PURCHASE AGREEMENT

                                     BETWEEN

                                  AIRBUS S.A.S.

                                    AS SELLER

                                       AND

                     CHINA EASTERN AIRLINES CORPORATION LTD

                                   AS AIRLINE

                                       AND

              CHINA EASTERN AVIATION IMPORT AND EXPORT CORPORATION

                             AS TRADING CORPORATION

                  BOTH AIRLINE AND TRADING CORPORATION AS BUYER

                                   Page 1/14
<PAGE>

                                AMENDMENT NO. 9

This amendment No.9 to the A320 Purchase Agreement dated as of March 26, 2002 is
made as of the__________day of______________________2005.

BETWEEN

AIRBUS S.A.S., a societe par actions simplifiee, legal successor of Airbus
S.N.C., formerly known as Airbus G.I.E created and existing under French law and
registered with the Toulouse Registre du Commerce under number RCS Toulouse 383
474 814 and having its registered office at

            1 Rond-Point Maurice Bellonte
            31707 BLAGNAC Cedex
            FRANCE

(hereinafter referred to as "the Seller") of the one part,

CHINA EASTERN AIRLINES CORPORATION, LIMITED, having its principal office at:

            Pudong International Airport

            SHANGHAI 201202

            PEOPLE'S REPUBLIC OF CHINA

(hereinafter referred to as the "Airline") of the other part

AND

CHINA EASTERN AVIATION IMPORT AND EXPORT CORPORATION, having its principal
office at:

            Pudong International Airport

            SHANGHAI 201202

            PEOPLE'S REPUBLIC OF CHINA

(hereinafter referred to as the "Trading Corporation", the Airline and the
Trading Corporation hereinafter referred to jointly and severally as the
"Buyer").

                                   Page 2/14
<PAGE>

WHEREAS

      -     The parties hereto have signed on the 26th day of March 2002 an A320
            Purchase Agreement called hereinafter together with its Exhibits and
            Letter Agreements (the "Agreement") for the sale of a certain number
            of A320, collectively referred to as the "Aircraft".

      -     The parties hereto have signed on the 27th day of June 2002 an
            Amendment No. 1 to the Agreement to modify certain terms of Letter
            Agreement No. 6 to the Agreement.

      -     The parties hereto have signed on the 13th day of November 2002 an
            Amendment No. 2 to the Agreement to modify certain terms of Letter
            Agreement No. 6 to the Agreement.

      -     The parties hereto have signed on the 29th day of May 2003 an
            Amendment No. 3 to the Agreement to modify the delivery schedule of
            the Aircraft.

      -     The parties hereto have signed on the 29th day of August 2003 an
            Amendment No. 4 to the Agreement to modify the delivery schedule of
            the Aircraft.

      -     The parties hereto have signed on the 29th day of September 2003 an
            Amendment No. 5 to the Agreement to reflect the purchase by the
            Buyer of four (4) A321-200 model aircraft.

      -     The parties hereto have initialled on the 03rd day of September 2004
            an Amendment No. 6 to the Agreement for the purchase by the Buyer of
            three (3) A319-100 model aircraft. This Amendment No. 6 has been
            cancelled.

      -     The parties hereto have signed on the 14th day of October 2004 an
            Amendment No. 7 to the Agreement to modify the delivery schedule of
            the Aircraft.

      -     The parties hereto have signed on the 16th day of March 2005 an
            Amendment No. 8 to the Agreement to reflect the purchase by the
            Buyer of five (5) A319-100 model aircraft.

      -     On December 06th 2004, the Seller and China Aviation Supplies Import
            and Export Corporation ("CASC") have entered into a General Term
            Agreement ("GTA") for the sale and purchase of twenty three (23)
            A320 family aircraft (the "Twenty Three Aircraft"). As part of the
            Twenty Three Aircraft, fifteen (15) A320 family aircraft ("the
            Fifteen Aircraft") have been allocated to the Buyer.

      -     Now the Buyer wishes and the Seller agrees to enter into an
            amendment No. 9 (the "Amendment") to cover the basic terms and
            conditions for the purchase by the Buyer of such Fifteen Aircraft
            A320 Aircraft. The Fifteen Aircraft are composed of four (4) A320-
            200 model aircraft (the "A320 Aircraft") and eleven (11) A321-200
            model aircraft (the "A321 Aircraft").

      -     Except as provided herein in the Amendment, upon signature of this
            Amendment the A320 Aircraft and the A321 Aircraft shall be deemed
            Aircraft.

NOW THEREFORE IT IS AGREED AS FOLLOWS:

                                   Page 3/14
<PAGE>

1.    GENERAL

      The following paragraphs will define the specific amendments to the
      Agreement which will apply only to the Fifteen Aircraft to be delivered to
      the Buyer.

2.    A320 AIRCRAFT

2.1   SPECIFICATION

      The parties agree that, with respect to the A320 Aircraft, sub-Clause
      2.1.1 of the Agreement shall be deleted in its entirety and replaced by
      the following:

      QUOTE

      The Airframe shall be manufactured in accordance with the Standard
      Specification, as modified or varied prior to the date of this Agreement
      by the Specification Change Notices.

<TABLE>
<CAPTION>
AIRCRAFT TYPE        STANDARD SPECIFICATION                MTOW      MLW     MZFW
-------------        ----------------------                ----      ---     ----
<S>                  <C>                                   <C>       <C>     <C>
A32Q AIRCRAFT         D.000.02000, issue 5 revision 1      73.5 t    64.5 t  61.0 t
                      dated April 30, 2001
</TABLE>

      The Buyer has indicated that the A320 Aircraft will be operated at a
      higher MTOW of 77 t compared to the standard 73.5 t. The SCN price for
      such increase in design weights is of

      ***

      UNQUOTE

2.2   PROPULSION SYSTEMS

      No later than June 30th, 2005, the Buyer shall select between CFM
      INTERNATIONAL (CFM) Engines and INTERNATIONAL AERO ENGINES (IAE) one of
      the following Engines types in accordance with the terms and conditions of
      Clause 3 of the Agreement.

<TABLE>
<CAPTION>
AIRCRAFT TYPE                 CFM                             IAE
-------------              ------------                   ------------
<S>                        <C>                            <C>
A320 AIRCRAFT              CFM 56-5B4/P                   IAE V2527-A5
</TABLE>

      Should the buyer select CFM Engines, the terms and conditions of the
      Agreement shall apply to CFM engines.

      Should the buyer select IAE Engines, sub-Clause 3.2.2 of the Agreement
      shall be deleted in its entirety and replaced by the following:

      QUOTE

      International Aero Engines Propulsion Systems

      The Basic Price for a set of two (2) INTERNATIONAL AERO ENGINES V2527-A5
      Engines including standard equipment is:

                                       ***

                                   Page 4/14
<PAGE>

      at economic conditions prevailing for a theoretical delivery in January
      2000.

      Such Basic Price corresponds to the Reference Price of  ***  at delivery
      conditions prevailing in January 2001 and shall be subject to revision up
      to the Aircraft delivery date in accordance with the INTERNATIONAL AERO
      ENGINES Price Revision Formula set forth in Appendix 1 to this Amendment.
      Such Reference Price corresponds to the following Propulsion Systems
      Reference Price currently quoted by INTERNATIONAL AERO ENGINES at delivery
      conditions of January 2001 of: USD 14,458,518.

      UNQUOTE

2.3   TERMS AND CONDITIONS

      ***

      QUOTE

      ***

      UNQUOTE

3.    A321 AIRCRAFT

3.1   SPECIFICATION

      The parties agree that, with respect to the A321 Aircraft, Paragraph 2.2
      of Letter Agreement No. 2 to the Agreement shall be deleted in its
      entirety and replaced by the following:

                                   Page 5/14
<PAGE>

      QUOTE

      The A321 Aircraft will be manufactured in accordance with the Standard
      Specification Document No. E.000.02000, issue 2 Revision 1 dated April 30,
      2001 (the "Standard Specification"). The Specification shall be modified
      with an SCN increasing the operating weights to the following values:

<TABLE>
<CAPTION>
AIRCRAFT TYPE        STANDARD SPECIFICATION             MTOW      MLW       MZFW
-------------        ----------------------             ----      ---       ----
<S>                  <C>                                <C>       <C>       <C>
A321 AIRCRAFT        E.000.02000, issue 2 revision 1   93 t       77.8 t    73.8 t
                     dated April 30, 2001
</TABLE>

      The SCN price for such increase ***

      UNQUOTE

3.2   PROPULSION SYSTEMS

      No later than June 30th, 2005, the Buyer shall select between CFM
      INTERNATIONAL (CFM) Engines and INTERNATIONAL AERO ENGINES (IAE) one of
      the following Engines types in accordance with the terms and conditions of
      Letter Agreement No. 2 to the Agreement.

<TABLE>
<CAPTION>
AIRCRAFT TYPE                CFM                        IAE
-------------                ---                        ---
<S>                      <C>                        <C>
A321 Aircraft            CFM56-5B3/P                IAE V2533-A5
</TABLE>

      Should the buyer select CFM Engines, the terms and conditions of Paragraph
      3.2.2 of Letter Agreement No. 2 to the Agreement shall apply to CFM
      engines.

      Should the buyer select IAE Engines, Paragraph 3.2.3 of Letter Agreement
      No. 2 to the Agreement shall be deleted in its entirety and replaced by
      the following:

      QUOTE

      International Aero Engines Propulsion Systems

      The Basic Price for a set of two (2) INTERNATIONAL AERO ENGINES V2533-A5
      Engines including standard equipment is:

                                       ***

      at economic conditions prevailing for a theoretical delivery in January
      2000.

      Such Basic Price corresponds to the Reference Price of  ***  at delivery
      conditions prevailing in January 2001 and shall be subject to revision up
      to the Aircraft delivery date in accordance with the INTERNATIONAL AERO
      ENGINES Price Revision Formula set forth in Appendix A to this Amendment.
      Such Reference Price corresponds to the following Propulsion Systems
      Reference Price currently quoted by INTERNATIONAL AERO ENGINES at delivery
      conditions of January 2001 of ***

      UNQUOTE

                                   Page 6/14
<PAGE>

3.3   TERM AND CONDITIONS

      ***

      QUOTE

      ***

      UNQUOTE

3.4   PERFORMANCE GUARANTEES

      The Performance Guarantees defined in Letter Agreement No. 1 to Amendment
      No. 5 to the Agreement shall apply to the A321 Aircraft.

4.    DELIVERY DATES

      The A320 Aircraft shall be delivered at the following dates:

      A320 Aircraft No. 1:     ***
      A320 Aircraft No. 2:     ***
      A320 Aircraft No. 3:     ***
      A320 Aircraft No. 4:     ***

      The A321 Aircraft shall be delivered at the following dates:

                                   Page 7/14
<PAGE>

      A321 Aircraft No.  1:   ***
      A321 Aircraft No.  2:   ***
      A321 Aircraft No.  3:   ***
      A321 Aircraft No.  4:   ***
      A321 Aircraft No.  5:   ***
      A321 Aircraft No.  6:   ***
      A321 Aircraft No.  7:   ***
      A321 Aircraft No.  8:   ***
      A321 Aircraft No.  9:   ***
      A321 Aircraft No. 10:   ***
      A321 Aircraft No. 11:   ***
                              ***

5.    WARRANTY PERIOD AND SERVICE LIFE POLICY

5.1   Notwithstanding the terms and conditions of Clause 12.1.3 of the
      Agreement, the parties agree that, with respect to the Fifteen Aircraft,
      Clause 12.1.3 of the Agreement shall be deleted in its entirety and
      replaced by the following:

      QUOTE

      12.1.3 WARRANTY PERIOD

             The warranties contained in Clauses 12.1.1 and 12.1.2 of the
             Agreement shall be limited to those defects which become apparent
             within thirty six (36) months after Delivery of the affected
             Aircraft ("WARRANTY PERIOD").

      UNQUOTE

5.2   Notwithstanding the terms and conditions of Clause 12.2.2 of the
      Agreement, the parties agree that, with respect to the Fifteen Aircraft,
      Clause 12.2.2 of the Agreement shall be deleted in its entirety and
      replaced by the following:

      QUOTE

      12.2.2   PERIODS AND SELLER'S UNDERTAKINGS

               The Seller agrees that if a Failure occurs in an Item before the
               Aircraft in which such Item has been originally installed has
               completed thirty thousand (30,000) flying hours, or has completed
               twenty four thousand (24,000) flight cycles, or within twelve
               (12) years after the Delivery of said Aircraft to the Buyer,
               whichever shall first occur, the Seller shall at its own
               discretion and as promptly as practicable and with the Seller's
               financial participation as hereinafter provided either:

      12.2.2.1 design and furnish to the Buyer a correction for such Item with a
               Failure and provide any parts required for such correction
               (including Seller designed standard parts but excluding industry
               standard parts), or,

      12.2.2.2 replace such Item.

      12.2.3   SELLER'S PARTICIPATION IN THE COSTS

               ***

                                   Page 8/14
<PAGE>

      ***

        where:

      ***

              or,

      ***

      UNQUOTE

6     CUSTOMER SUPPORT

6.1   The Seller will provide free of charge to the Buyer ***
      maintenance trainee days for the total fleet of Fifteen Aircraft for
      Buyer's ground personnel;

6.2   ***               man-months of Resident Customer Support Manager ("RCSM")
      for the total fleet of Fifteen Aircraft.

6.3   ***

                                   Page 9/14
<PAGE>

7.    PREDELIVERY PAYMENTS

      With respect to the Fifteen Aircraft, the parties agree to add to Clause
      5.3.2 of the Agreement the following paragraph:

      QUOTE

      ***

      UNQUOTE

8.    ***

                                   Page 10/14
<PAGE>

      ***

9.    PROVISION OF THE AMENDMENT

      The provisions of the Agreement, its Exhibits, its Letter Agreement shall
      apply to the sale and delivery of the Aircraft herein defined except
      insofar as they may be expressly modified by the provisions of this
      Amendment.

      The Agreement shall be deemed amended and supplemented to the extent
      herein provided and as so amended and supplemented shall remain in full
      force and effect.

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

IN WITNESS WHEREOF, this Amendment No. 9 was entered into the day and year above
written.

For and on behalf of:                        For and on behalf of:

CHINA EASTERN AIRLINES                       AIRBUS S.A.S.
CORPORATION LIMITED

                                                 /s/ G. Bruwon
                                                 -----------------------------
By: /s/ Luo Chaogen                          By:
    ------------------------------
Its:                                         Its: VP Contracts
    ------------------------------                ----------------------------

CHINA EASTERN AVIATION IMPORT
AND EXPORT CORPORATION

By: /s/ Fan Erning
    ------------------------------
Its:
     -----------------------------

                                   Page 11/14
<PAGE>

                                   APPENDIX 1

      PROPULSION SYSTEMS PRICE REVISION FORMULA INTERNATIONAL AERO ENGINES

1     REFERENCE PRICE OF THE ENGINES

      The Reference Price of a set of two (2) INTERNATIONAL AERO ENGINES Engines
      is as indicated in this Amendment.

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

2     REFERENCE PERIOD

      The above Reference Price has been established in accordance with the
      averaged economic conditions prevailing in June 2000, July 2000, August
      2000 (delivery conditions January 2001), as defined, according to
      INTERNATIONAL AERO ENGINES by the ECIb and ICb index values indicated in
      Clause 4 of this Exhibit C.

3     INDEXES

      Labor Index: "Employment Cost Index for Workers in Aerospace
      manufacturing" hereinafter referred to as "ECI SIC 3721W", quarterly
      published by the US Department of Labor, Bureau of Labor Statistics, in
      "NEWS", and found in Table 6, "WAGES and SALARIES (not seasonally
      adjusted): Employment Cost Indexes for Wages and Salaries for private
      industry workers by industry and occupational group", or such other name
      that may be from time to time used for the publication title and/or table,
      (Aircraft manufacturing, standard industrial classification code SIC 3721,
      base month and year June 1989 = 100).

      The quarterly value released for a certain month (March, June, September
      and December) shall be the one deemed to apply for the two preceding
      months. Index code for access on the Web site of the US Bureau of Labor
      Statistics: ECU28102i.

      Material Index: "Industrial Commodities" (hereinafter referred to as "IC")
      as published in "PPI Detailed report" (found in Table 6. "Producer price
      indexes and percent changes for commodity groupings and individual items
      not seasonnally adjusted" or such other names that may be from time to
      time used for the publication title and/or table). (Base Year 1982 = 100).

      Index code for access on the Web site of the US Bureau of Labor
      Statistics: WPU03THRU15.

                                   Page 12/14
<PAGE>

4     REVISION FORMULA

      Pn = (Pb+F) x [(0.65 x (ECIn/ECIb)) + (0.35 x (ICn/ICb))]

      Where :

      F     : (0.005 x N x Pb)
              where N = the calendar year of Delivery of the Aircraft minus 2001

      Pn    : revised Reference Price at Aircraft Delivery

      Pb    : Reference Price at averaged economic conditions June 2000, July
              2000, August 2000

      ECIn  : ECIsic3721W Index for the Fifth (5th), Sixth (6th) and Seventh
              (7th) month averaged prior to the month of Aircraft Delivery

      ECIb  : ECIsic3721W Index for June 2000, July 2000, August 2000 averaged
              (=149.5)

      ICn   : IC-Index for the Fifth (5th), Sixth (6th) and Seventh (7th) month
              averaged prior to the month of Aircraft Delivery

      ICb   : IC-Index for June 2000, July 2000, August 2000 (=135.7)

5.    GENERAL PROVISIONS

5.1   Roundings

      (i)   ECIn and ICn shall be calculated to the nearest tenth (1 decimal)

      (ii)  Each quotient (ECIn/ECIb) and (ICn/ICb) shall be calculated to the
            nearest ten-thousandth (4 decimals).

      (iii) The final factor shall be rounded to the nearest ten-thousandth (4
            decimals).

      if the next succeeding place is five (5) or more the preceding decimal
      place shall be raised to the nearest higher figure.

      After final computation Pn shall be rounded to the nearest whole number
      (0.5 rounds to 1).

5.2   Final Index Values

      The revised Reference Price at the date of Aircraft Delivery shall be the
      final price and shall not be subject to any further adjustments in the
      indexes.

      If no final index values are available for any of the applicable month,
      the then published preliminary figures shall be the basis on which the
      Revised Reference Price shall be computed.

5.3   Interruption of Index Publication

      If the US Department of Labor substantially revises the methodology of
      calculation or discontinues any of the indexes referred to hereabove, the
      Seller shall reflect the

                                   Page 13/14
<PAGE>

      substitute for the revised or discontinued index selected by INTERNATIONAL
      AERO ENGINES, such substitute index to lead in application to the same
      adjustment result, insofar as possible, as would have been achieved by
      continuing the use of the original index as it may have fluctuated had it
      not been revised or discontinued.

      Appropriate revision of the formula shall be made to accomplish this
      result.

5.4   Annulment of Formula

      Should the above escalation provisions become null and void by action of
      the US Government, the price shall be adjusted due to increases in the
      costs of labor and material which have occurred from the period
      represented by the applicable Reference Price Indexes to the Fifth (5th),
      Sixth (6th) and Seventh (7th) months averaged prior to the scheduled
      Aircraft Delivery.

5.5   Limitation

      Should the revised Reference Price be lower than the Reference Price, the
      final price shall be computed with the Reference Price.

                                   Page 14/14
<PAGE>

     ON THIS DAY OF APRIL 21st, 2005, AIRBUS S.A.S., CHINA EASTERN AIRLINES

          CORPORATION LTD AND CHINA EASTERN AVIATION IMPORT AND EXPORT

       CORPORATION (BOTH REFERRED TO AS "CHINA EASTERN") HEREBY CELEBRATE

         THE CONCLUSION OF THE PURCHASE BY CHINA EASTERN OF TWENTY (20)

      AIRBUS A320 FAMILY AIRCRAFT (REFERENCE: AMENDMENT No. 8 FOR FIVE (5)

        A319-100 AND AMENDMENT No. 9 TO THE A320 PURCHASE AGREEMENT FOR

                  FOUR (4) A320-200 AND ELEVEN (11) A321-200).

For: CHINA EASTERN AIRLINES CORPORATION LTD        For: AIRBUS S.A.S

/s/ Luo Chaogen                                    /s/ Philippe Delmas
---------------                                    -----------------------------
By: LUO CHAOGEN                                    By: PHILIPPE DELMAS

Its: President                                     Its: Executive Vice President

For: CHINA EASTERN AVIATION IMPORT AND
     EXPORT CORPORATION

/s/ Fan Erning
--------------------
By: FAN ERNING

Its: General Manager

                                       2
<PAGE>

SIDE LETTER No. 1 to AMENDMENT No. 9

CHINA EASTERN AIRLINES CORPORATION, LTD
Pudong International Airport
Shanghai 201202
People's Republic of China

SUBJECT: AMENDMENT APPROVAL

CHINA EASTERN AIRLINES CORPORATION Ltd (the "Buyer") and AIRBUS S.A.S. (the
"Seller") have entered into an amendment No. 9 herewith dated as of April 21st,
2005 (the "Amendment") to the Agreement, which covers the manufacture and the
sale by the Seller and the purchase by the Buyer of fifteen (15) Aircraft model
aircraft as described in the Amendment.

Capitalized terms used herein and not otherwise defined in this Side Letter
shall have the meanings assigned thereto in the Amendment.

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

NOW THE BUYER AND THE SELLER AGREE THE FOLLOWING:

The Amendment is subject to the following conditions being fulfilled on or
before April 21st, 2005:

      1) Approval of the transaction contemplated under the Amendment being
      obtained from the government of the Buyer's country.

      2) Approval of the transaction contemplated under the Amendment being
      obtained from the board of directors of the Buyer.

      3) Approval of the transaction contemplated under the Amendment being
      obtained from the Buyer's shareholders.

The Buyer hereby commits to notify in writing the Seller on or before April
21st, 2005 that it has obtained the necessary approvals listed in paragraphs 1),
2) and 3) above.

                            Side Letter 1 - Page 1/2
<PAGE>

SIDE LETTER No. 1 to AMENDMENT No. 9

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

Agreed and Accepted                          Agreed and Accepted

For and on behalf of                         For and on behalf of

CHINA EASTERN AIRLINES CORPORATION LIMITED   AIRBUS S.A.S.

By: /s/ Luo Chaogen                          By: /s/ G. Bruwon
    ---------------                              ---------------
Its: LUO CHAOGEN                             Its:

                            Side Letter 1 - Page 2/2<PAGE>

                                                                    EXHIBIT 4.11

(The following is a non-binding English translation of the Chinese original.)

                        CHINA EASTERN AIR HOLDING COMPANY

                       CHINA EASTERN AIR NORTHWEST COMPANY

                        CHINA EASTERN AIR YUNNAN COMPANY

                                       AND

                   CHINA EASTERN AIRLINES CORPORATION LIMITED

                            AGREEMENT IN RELATION TO

                                THE ASSIGNMENT OF

                THE CORE AVIATION BUSINESS AND ASSOCIATED ASSETS

                                       OF

                       CHINA EASTERN AIR NORTHWEST COMPANY

                                       AND

                        CHINA EASTERN AIR YUNNAN COMPANY

                                      FROM

                        CHINA EASTERN AIR HOLDING COMPANY

                                       TO

                   CHINA EASTERN AIRLINES CORPORATION LIMITED

                                       4-1
<PAGE>

                                   12 MAY 2005
                    Commerce and Finance Law Offices, Beijing
     Room 714, Huapu International Plaza, 19 Chaoyangmenwai Avenue, Chaoyang
                            District, Beijing 100020

                                      4-2
<PAGE>

                                    CONTENTS

1. Interpretation

2. Assignment of the Core Aviation Business and Associated Assets

3. Consideration for Assignment

4. Payment

5. Assumption of Liabilities

6. Effectiveness of Agreement

7. Transfer of Rights and Obligations

8. Handover of Business and Assets and Transfer of Risks

9. Taxes and Fees

10. Representations, Warranties and Undertakings

11. Non-Competition Undertaking

12. Compensation

13. Force Majeure

14. Confidentiality

15. Governing Law

16. Resolution of Disputes

17. Miscellaneous

Schedule 1.1: Report on the Appraisal of the Part of the Core Business Assets
              and Associated Liabilities of China Eastern Air Northwest Company
              to be Assigned by China Eastern Air Holding Company (Ref. Zhong
              Hua Ping Bao Zi (2005) No. 22-1)

Schedule 1.2: Report on the Appraisal of the Part of the Core Business Assets
              and Associated Liabilities of China Eastern Air Yunnan Company to
              be Assigned by China Eastern Air Holding Company (Ref. Zhong Hua
              Ping Bao Zi (2005) No. 22-2)

Schedule 2.1: Leased Aircraft

Schedule 2.2: Leased Properties and Sites

Schedule 3: Routes

Schedule 4: Personnel

                                      4-3
<PAGE>

THIS ASSET ASSIGNMENT AGREEMENT (hereinafter referred to as the "Agreement") is
entered into on 12 May 2005 in Shanghai, the People's Republic of China
("China"), by and among the following parties:

China Eastern Air Holding Company
Address: 2550 Hong Qiao Road, Shanghai
Legal Representative: Li Fenghua

China Eastern Air Northwest Company
Address: Xiguan Airport, Xi'an, Shaanxi
Legal Representative: Liu Xingchen

China Eastern Air Yunnan Company
Address: Wujiaba Airport, Guandu District, Kunming
Legal Representative: Li Mingdao

China Eastern Airlines Corporation Limited
Address: 66 Airport Street, Pudong International Airport, Shanghai
Legal Representative: Li Fenghua

WHEREAS:

(1)   The Assignor, a group company under ownership by the whole people, is
      established and validly existing under the laws of China. CEA Northwest
      and CEA Yunnan are wholly-owned subsidiaries of the Assignor;

(2)   The Assignee is a joint stock limited company established and validly
      existing under the laws of China, as well as a listed company whose "A"
      shares are listed in China and "H" shares are listed in the Hong Kong
      Stock Exchange. The Assignor holds 61.64% of the Assignee's shares;

(3)   The Assignee intends to purchase from the Assignor and the Assignor
      intends to sell to the Assignee the core aviation business and associated
      assets of CEA Northwest and CEA Yunnan; and

(4)   CEA Northwest and CEA Yunnan will transfer their Core Aviation Business
      and Associated Assets to the Assignee in accordance with the instructions
      of the Assignor.

NOW, THEREFORE, the parties have, after friendly consultations, reached the
following agreement on the basis of the principles of equality and mutual
benefit:

                                      4-4
<PAGE>

1.    INTERPRETATION

1.1   Unless stipulated otherwise, the following terms shall have the meanings
      assigned to them below:

      "Assignor"          means China Eastern Air Holding Company;

      "Assignee"          means China Eastern Airlines Corporation Limited;

      "CEA Northwest"     means China Eastern Air Northwest Company, formerly
                          China Northwest Airlines;

      "CEA Yunnan"        means China Eastern Air Yunnan Company, formerly China
                          Yunnan Airlines;

      "Core Aviation      means the air transportation business and the related
         Business and     assets and liabilities owned by CEA Northwest and CEA
         Associated       Yunnan at the time this Agreement is entered into,
         Assets"          including the aviation-related assets, liabilities,
                          personnel, routes and contracts set out in the
                          Schedules hereto;

      "Reference Date"    means the appraisal reference date determined in
                          Clause 3.1 of this Agreement;

      "Preliminary        means the price for the assignment of the Core
         Assignment       Aviation Business and Associated Assets preliminarily
         Price"           determined based on the appraisal results in
                          accordance with the provisions of Clause 3.1 of this
                          Agreement, being Nine Hundred Eighty-five Million Six
                          Hundred Ninety-two Thousand and Eight Hundred Yuan
                          Renminbi Exactly (RMB985,692,800);

      "Final Assignment   means the final price for the assignment of the Core
         Price"           Aviation Business and Associated Assets as determined
                          in accordance with the provisions of Clause 3.2;

      "Effective Date"    means the date on which this Agreement comes into
                          effect pursuant to Clause 6.

                                       4-5
<PAGE>

1.2     References herein to "Clauses" are to the clauses of this Agreement
        unless stipulated otherwise in this Agreement. Clause headings are
        inserted for ease of reading only and shall not be construed the
        interpretation of this Agreement.

2.    ASSIGNMENT OF THE CORE AVIATION BUSINESS AND ASSOCIATED ASSETS

2.1   The Assignor agrees to sell to the Assignee and the Assignee agrees to
      purchase from the Assignor the Core Aviation Business and Associated
      Assets owned by CEA Northwest and CEA Yunnan, both wholly-owned
      subsidiaries of the Assignor, in accordance with the terms and conditions
      of this Agreement.

2.2   The particulars set out in the Schedules to this Agreement shall prevail
      in respect of the scope of the Core Aviation Business and Associated
      Assets to be assigned by the Assignor to the Assignee stipulated in the
      preceding paragraph and include the following:

      (1)   the assets and rights and interests relating to the core aviation
            business respectively owned by CEA Northwest and CEA Yunnan as at
            the execution date of this Agreement; for the particulars of the
            same, please refer to, respectively, Tables 3 - 8 of the Detailed
            Asset Appraisal Tables attached to Schedules 1.1 and 1.2 to this
            Agreement;

      (2)   the liabilities connected with the core aviation business
            respectively owned by CEA Northwest and CEA Yunnan as at the
            execution date of this Agreement; for the particulars of the same,
            please refer to, respectively, Tables 9 and 10 of the Detailed Asset
            Appraisal Tables attached to Schedules 1.1 and 1.2 to this
            Agreement;

      (3)   the assets leased by CEA Northwest and CEA Yunnan from third parties
            as at the execution date of this Agreement, as set out in Schedules
            2.1 and 2.2 to this Agreement, including but not limited to all
            their leased aircrafts, whether leased under finance leases or
            operating leases;

      (4)   all routes operated by CEA Northwest and CEA Yunnan as at the
            execution date of this Agreement, as set out in Schedule 3 to this
            Agreement;

      (5)   the personnel of CEA Northwest and CEA Yunnan as at the execution
            date of this Agreement, as set out in Schedule 4 to this Agreement;
            and

      (6)   the major contracts which have been signed and are currently being
            performed by CEA Northwest and CEA Yunnan in connection with the
            operation of their core air transportation business as at the
            execution date of this Agreement.

                                      4-6
<PAGE>

3.    CONSIDERATION FOR ASSIGNMENT

3.1   According to the "Report on the Appraisal of the Part of the Core Business
      Assets and Associated Liabilities of China Eastern Air Northwest Company
      To Be Assigned by China Eastern Air Holding Company" (ref. Zhong Hua Ping
      Bao Zi (2005) No. 22-1) and the "Report on the Appraisal of the Part of
      the Core Business Assets and Associated Liabilities of China Eastern Air
      Yunnan Company To Be Assigned by China Eastern Air Holding Company" (ref.
      Zhong Hua Ping Bao Zi (2005) No. 22-2) issued by China Consultants of
      Accounting and Financial Management Co., Ltd. on April 18, 2005, December,
      31, 2004 as the Reference Date, the total value of the assets and
      liabilities comprising the Core Aviation Business and Associated Assets to
      be transferred by the Assignor to the Assignee under this Agreement is
      Nine Billion Five Hundred Forty-one Million Eight Hundred Ninety-two
      Thousand and Four Hundred Yuan Renminbi Exactly (RMB9,541,892,400) and
      Eight Billion Five Hundred Fifty-six Million One Hundred Ninety-nine
      Thousand and Six Hundred Yuan Renminbi Exactly (RMB8,556,199,600)
      respectively, and the value of the assets net of liabilities is Nine
      Hundred Eighty-five Million Six Hundred Ninety-two Thousand and Eight
      Hundred Yuan Renminbi Exactly (RMB985,692,800). The parties agree that the
      price for the assignment of the Core Aviation Business and Associated
      Assets as stipulated in Clause 2 of this Agreement is preliminarily set at
      Nine Hundred Eighty-five Million Six Hundred Ninety-two Thousand and Eight
      Hundred Yuan Renminbi Exactly (RMB985,692,800).

3.2   The parties agree that, after the formal entry into effect of this
      Agreement, the Assignor and the Assignee shall jointly retain an
      accountant registered in China to conduct an audit of the gains and losses
      derived from the Core Aviation Business and Associated Assets during the
      period between the Reference Date and the Effective Date in accordance
      with the generally accepted accounting principles of China. The Final
      Price for the assignment of the Core Aviation Business and Associated
      Assets as stipulated in this Agreement shall be the Preliminary Assignment
      Price plus the audited gain or loss.

4.    PAYMENT

4.1   Within five days of the Effective Day, the Assignee shall pay the Assignor
      70% of the Preliminary Assignment Price stipulated in Clause 3.1 of this
      Agreement, being Six Hundred Eighty-nine Million Nine Hundred Eighty-four
      Thousand Nine Hundred and Sixty Yuan Renminbi Exactly (RMB689,984,960).

4.2   The Assignee shall pay the balance of the Final Assignment Price, after
      subtraction of 70% of the Preliminary Assignment Price paid as stipulated
      in Clause 4.1 of this Agreement, within 15 days as from the date when all
      the following conditions are satisfied:

                                      4-7
<PAGE>

      (1)   the issuance by the accountant registered in China of the audit
            report on the gains and losses derived from the Core Aviation
            Business and Associated Assets during the period between the
            Reference Date and the Effective Date;

      (2)   the consent of other shareholders of CEA Northwest and CEA Yunnan to
            the assignment by CEA Northwest and CEA Yunnan of the equity and
            interest assets contained in the Core Aviation Business and
            Associated Assets to the Assignee, and a waiver from such
            shareholders of their pre-emptive right of purchase;

      (3)   the consent of the lessors of all aircrafts operated by CEA
            Northwest and CEA Yunnan under finance leases and operating leases
            and included in the Core Aviation Business and Associated Assets,
            and that of other related third parties to the change in the lessee
            of the relevant aircrafts from CEA Northwest or CEA Yunnan to the
            Assignee; and

      (4)   the consent of the creditors of the liabilities contained in the
            Core Aviation Business and Associated Assets to the relevant debtor
            being changed from CEA Northwest or CEA Yunnan to the Assignee.

5.    ASSUMPTION OF LIABILITIES

      Other than the liabilities stated in Tables 9 and 10 of the Detailed
      Assets Appraisal Tables respectively attached to Schedules 1-1 and 1-2 to
      this Agreement, the Assignee shall not be held liable for any other
      liabilities of CEA Northwest or CEA Yunnan (including contingent
      liabilities), or any indemnification, claim or compensation which may
      arise from the assignment, and such liabilities, indemnification, claims
      and compensation shall be borne by the Assignor and/or CEA Northwest or
      CEA Yunnan.

6.    EFFECTIVENESS OF AGREEMENT

      Once the legal representatives or the authorized representatives of the
      parties have signed this Agreement and affixed the official seals of the
      parties, it shall come into effect on the last day of the month in which
      all of the following conditions are satisfied:

      (1)   the result of the appraisal of the Core Aviation Business and
            Associated Assets of the Assignor is approved by the State-Owned
            Assets Supervision and Administration Commission of the State
            Council;

      (2)   the economic activities of the Assignor assigning the Core Aviation
            Business and Associated Assets by agreement to the Assignee is
            approved by the

                                      4-8
<PAGE>

            State-Owned Assets Supervision and Administration Commission of the
            State Council; and

      (3)   a resolution in respect of the Assignee's acquisition of the Core
            Aviation Business and Associated Assets from the Assignor is adopted
            at a general meeting of the shareholders of the Assignee where the
            connected shareholders recused themselves.

7.    TRANSFER OF RIGHTS AND OBLIGATIONS

      The parties to this Agreement hereby agree that the ownership of, or right
      to use, the Core Aviation Business and Associated Assets as well as the
      corresponding obligations shall in principle pass from the Assignor to the
      Assignee as from the Effective Day (including the Effective Day). However,
      the transfer of the rights in, and the obligations relating to, the assets
      included in the associated assets which require the consent of third
      parties as stipulated in Clause 4.2 of this Agreement shall only be deemed
      completed once such consent has been obtained from the relevant third
      parties.

8.    HANDOVER OF BUSINESS AND ASSETS AND TRANSFER OF RISKS

8.1   Commencing on the Effective Date, the Assignor and the Assignee shall
      carry out the procedures for the handover of the Core Aviation Business
      and Associated Assets in accordance with the principles set forth below,
      and the risks associated with such business and assets shall pass from the
      Assignor to the Assignee on the date of actual delivery of the relevant
      assets:

      (1)   The Assignor, CEA Northwest and CEA Yunnan shall directly transfer
            actual possession of the assets and interests set forth in Tables 3
            to 8 of the Detailed Asset Appraisal Tables respectively attached to
            Schedules 1-1 and 1-2 to this Agreement to the Assignee and, where
            registration of the assignment is required under relevant laws, they
            shall novate the relevant registration to the Assignee.

      (2)   The Assignor, CEA Northwest and CEA Yunnan shall transfer the
            liabilities set forth in Tables 9 and 10 of the Detailed Asset
            Appraisal Tables respectively attached to Schedules 1-1 and 1-2 to
            this Agreement to the Assignee upon obtaining the consent of the
            original creditors.

      (3)   Regarding the leased assets set out in Schedules 2-1 and 2-2 to this
            Agreement, the Assignor, CEA Northwest and CEA Yunnan shall, upon
            obtaining the consent of the lessors, novate the relevant lease
            contracts to the Assignee, and shall transfer actual possession of
            the relevant assets to the Assignee.

                                      4-9
<PAGE>

      (4)   Regarding the routes set out in Schedule 3 to this Agreement, the
            Assignor, CEA Northwest and CEA Yunnan shall be responsible for
            obtaining the consent of the Civil Aviation Administration of China
            and shall novate the relevant route approval documents to the
            Assignee.

      (5)   Regarding the incumbent staff set out in Schedule 4 to this
            Agreement, the Assignor, CEA Northwest and CEA Yunnan shall, upon
            obtaining the consent of the relevant personnel, terminate the
            employment contracts made with them and shall procure their entering
            into new employment contracts with the Assignee.

      (6)   Regarding the major contracts which have been entered into and are
            being performed by CEA Northwest and CEA Yunnan for the purpose of
            operating their core aviation business, the Assignor, CEA Northwest
            and CEA Yunnan shall, upon obtaining the consent of the original
            counterparties thereto, novate the contracts to the Assignee.

8.2   The Assignor shall, within five working days of the Effective Date,
      actually deliver the Core Aviation Business and Associated Assets into the
      possession of the Assignee, and shall transfer into the custody of the
      Assignee the originals of all relevant contracts, deeds, agreements,
      undertakings, letters of guarantee, letters of credit, insurance policies
      and other relevant documents.

8.3   Regarding the transfer of those parts of the Core Aviation Business and
      Associated Assets for which an amendment of registration or registration
      is required under the laws of China, the Assignor shall promptly complete
      the relevant amendment or registration procedures within 90 days, and the
      Assignee shall actively give its cooperation to the Assignor.

8.4   The parties to this Agreement hereby agree that during the period between
      the date of execution of this Agreement and the actual date of delivery of
      the Core Aviation Business and Associated Assets or the date of actual
      completion of the relevant amendment or registration procedures, the
      Assignor, CEA Northwest and CEA Yunnan shall hold and diligently and
      dutifully manage the relevant Core Aviation Business and Associated Assets
      for and on behalf of the Assignee.

9.    TAXES AND FEES

9.1   For the purpose of Clause 9.2, the term "taxes and fees" means all the
      taxes levied by State, provincial and municipal government agencies or
      paid to the abovementioned governments or agencies, including but not
      limited to the taxes and fees levied on gross profits, net profits,
      income, revenues, sales, transactions, patents and other intellectual
      property rights, tangible and intangible assets, and

                                      4-10
<PAGE>

      movables and real estates (including those on their purchase and sale,
      assignment, bequest, disposal, ownership, use or possession), and
      including but not limited to income tax, business tax, value-added tax,
      consumption tax, customs duties, stamp duties, deductions and withholding
      tax.

9.2   The Assignor shall bear all taxes and fees arising from or in connection
      with the Core Aviation Business and Associated Assets prior to the
      Effective Date (excluding the Effective Date), whether the same are
      actually collected or paid before or after the Effective Date, and the
      taxes arising after the Effective Date (including the Effective Date)
      shall be borne by the Assignee.

9.3   Unless stipulated otherwise in this Agreement, each party agrees to bear
      the taxes and all other expenses incurred by it in connection with its
      performance of this Agreement.

10.   REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

10.1  Each party to this Agreement gives the following representations,
      warranties and undertakings to each of the other parties:

      (1)   it is an independent legal person established in accordance with the
            laws of China, with a valid and effective enterprise business
            license, and has full authority to engage in the businesses set out
            in the scope of business on its business license;

      (2)   it has full legal rights, powers and authority to enter into this
            Agreement and to perform its duties and obligations under this
            Agreement; and

      (3)   no provision of this Agreement is in contravention of its
            constitutive documents or the laws and regulations of China or of
            any agreement executed with a third party.

10.2  The Assignor, CEA Northwest and CEA Yunnan jointly give the following
      representations, warranties and undertakings to the Assignee:

      (1)   their signing of this Agreement and performance of their duties and
            obligations under this Agreement, including but not limited to the
            assignment of the Core Aviation Business and Associated Assets to
            the Assignee, do not contravene their constitutive documents or any
            contract or agreement to which they are a party, or any provision of
            applicable laws;

      (2)   all documents and information provided by them to the Assignee and
            to the intermediaries engaged by the Assignee are true, and the
            copies provided are consistent with the originals;

                                      4-11
<PAGE>

      (3)   they are the legal owners of the Core Aviation Business and
            Associated Assets and they have not encumbered the Core Aviation
            Business and Associated Assets with any lien, mortgage or other
            third party interests (other than those disclosed in the Asset
            Appraisal Reports and the Financial Audit Reports);

      (4)   as of the Effective Date, there is no litigation, claim, legal
            proceeding, administrative proceeding or other legal procedure
            pending or, to their knowledge, threatened or potentially
            threatening against them and which is causing or may cause a delay
            in, a limitation on, an adverse impact on or an impediment to the
            performance of their obligations under this Agreement;

      (5)   in addition to the approval from the State-Owned Assets Supervision
            and Administration Commission of the State Council, the Assignor has
            obtained all the approvals, permissions, consents and/or
            registrations from relevant government agencies necessary to make
            the assignment of the Core Aviation Business and Associated Assets
            under this Agreement legal and valid;

      (6)   as at the Effective Date, the Assignor has obtained the consent of a
            majority of the creditors of the liabilities included in the Core
            Aviation Business and Associated Assets to be assigned to the
            Assignee, and the consent of a majority of the lessors of the leased
            assets to be assigned to the Assignee, agreeing to the assignment of
            the relevant liabilities and leases to the Assignee; regarding that
            portion of the liabilities and leased assets for which the consent
            of creditors or lessors has not yet been obtained, the Assignor
            warrants that it will obtain such consents as soon as possible;

      (7)   as at the Effective Date, the Assignor has obtained the consent of a
            majority of the counterparties to the contracts or agreements which
            are necessary for the normal use or operation of the Core Aviation
            Business and Associated Assets, agreeing to the assignment of the
            relevant contracts or agreements to the Assignee or to the execution
            of new contracts with the relevant third parties, and to performance
            of such contracts or agreements being continued by the Assignee;
            regarding those contracts or agreements for which the consents of
            the counterparties have not yet been obtained, the Assignor warrants
            that it will obtain such consents as soon as possible;

      (8)   as soon as possible after the Effective Date, the Assignor will be
            responsible for novating to the Assignee all of CEA Northwest's and
            CEA Yunnan's route operation permits, flight operation permits and
            their other permits, registration certificates and recordals
            necessary for the normal use and operation of the Core Aviation
            Business and Associated Assets; and

                                      4-12

<PAGE>

      (9)   during the period between the date of execution of this Agreement
            and the date of completion of the procedures for the hand over of
            the Core Aviation Business and Associated Assets, the Assignor, CEA
            Northwest and CEA Yunnan will manage the Core Aviation Business and
            Associated Assets in a normal, diligent and dutiful manner.

10.3  All representations, warranties and undertakings set out in this Clause
      are separate and independent and, unless stipulated otherwise, shall not
      be limited by any other terms or provisions of this Agreement.

11.   NON-COMPETITION UNDERTAKING

      The Assignor, CEA Northwest and CEA Yunnan jointly undertake that, once
      the transfer of the Core Aviation Business and Associated Assets under
      this Agreement is complete, the Assignor, CEA Northwest and CEA Yunnan
      shall not, and shall procure and warrant that their affiliates and the
      companies in which they have an equity stake shall not, in any manner
      (including, without limitation, in the form of a wholly-owned enterprise,
      the establishment of an equity joint venture, the holding of shares or
      options of, or other interests in, another company or enterprise or by
      adopting any other form of cooperation) to invest or participate in,
      operate or assist in operating, whether directly or indirectly, any
      business which is or may be in direct or indirect competition with the air
      transport business engaged in by the Assignee, or hold any rights or
      interests in any such competing business through any third party.

12.   COMPENSATION

12.1  In addition to the liabilities expressly set out in Tables 9 and 10 of the
      Detailed Asset Appraisal Tables attached to Schedules 1-1 and 1-2 to this
      Agreement, the Assignor shall bear all liabilities for any liabilities or
      compensation arising due to any cause relating to the Core Aviation
      Business and Associated Assets which occured or existed before the
      Effective Date, and shall be obliged to hold the Assignor harmless against
      any litigation, arbitration, claim, administrative proceedings or other
      legal procedures which may arise from the abovementioned cause.

12.2  If the Assignee suffers any loss or damage due to any cause relating to
      the Core Aviation Business and Associated Assets which occured or existed
      before the Effective Date, the Assignor, CEA Northwest and CEA Yunnan
      shall be jointly and severally liable for compensating the Assignee.

12.3  If any party to this Agreement suffers any loss or damage due to a breach
      by any other party of any of its representations, warranties or
      undertakings given under

                                      4-13
<PAGE>

      this Agreement, the breaching party shall compensate the non-breaching
      party in full.

12.4  The compensation mentioned in Clause 12.1,12.2 and 12.3 shall include but
      not be limited to any payment, cost or expense arising from or in
      connection with the resolution of such claims, or enforcement of any
      judgment or decision concerning such claims.

12.5  Any claim for compensation made by any party hereto pursuant to this
      Clause shall be in writing, and shall include a reasonable and detailed
      description of the facts and reasons relating to the claim.

13.   FORCE MAJEURE

      If any party is prevented from performing its relevant obligations under
      this Agreement in accordance with the agreed conditions due to an event of
      force majeure which was unforeseeable and the occurrence and consequences
      of which were unavoidable and insurmountable, it shall immediately notify
      the other parties of the relevant circumstances, and shall within 15 days
      furnish the relevant details and valid documentation evidencing the reason
      why it cannot wholly or partly perform its relevant obligations under this
      Agreement or why it is required to delay performance of the same. The
      parties shall decide, through consultations, whether to terminate or
      partly waive or defer the performance of such obligations depending on the
      extent to which the force majeure affected performance of the same.

14.   CONFIDENTIALITY

14.1  Unless otherwise required by laws or the relevant regulatory authority,
      without the written consent of the other parties, no party shall provide
      or divulge to any company, enterprise, organization or individual any
      information or data on the execution or performance of this Agreement, or
      any non-public information or data on the operations and business of the
      other parties as may be obtained in the course of this transaction.

14.2  The abovementioned restriction shall not apply to: (1) any information
      which, at the time of disclosure, was already in the public domain; or (2)
      any of the above confidential information which a party to this Agreement
      needs to disclose to its legal or financial advisors for the purpose of
      carrying on its normal operations.

                                      4-14
<PAGE>

15.   GOVERNING LAW

      The formation, validity, interpretation and performance of this Agreement
      and the resolution of any dispute which may arise in connection with this
      Agreement shall be governed by the laws of China.

16.   RESOLUTION OF DISPUTES

16.1  Any dispute which arises among the parties regarding the validity,
      interpretation or performance of this Agreement shall, in the first
      instance, be resolved by the parties through consultations. If
      consultations fail to resolve the dispute within 30 days of its arising,
      any party shall have the right to bring an action in the People's Court in
      Changning District, Shanghai.

16.2  With the exception of the disputed provisions, during the period of
      dispute resolution, such resolution shall not affect the continued
      performance of the other terms of this Agreement.

17.   MISCELLANEOUS

17.1  This Agreement and the Schedules hereto and all other documents signed or
      delivered pursuant to or in connection with this Agreement constitute the
      entire agreement between the parties with respect to the subject matter
      hereof, and supersede all agreements or understandings (whether written or
      oral) of the parties with respect thereto made prior to the signing of
      this Agreement.

17.2  The parties may supplement or amend this Agreement by way of a written
      agreement. Any agreement duly signed by the parties for amending or
      supplementing this Agreement shall constitute an integral part of this
      Agreement and shall have the same legal validity and effect as this
      Agreement.

17.3  If any provision of this Agreement is rendered invalid or unenforceable as
      a result of its violating a relevant law, the provision shall only be
      regarded as invalid to the applicable extent of such relevant law, and
      such invalidity shall not affect the legal validity of any other
      provisions of this Agreement.

17.4  No failure or delay on the part of any party in exercising any right under
      this Agreement will operate as a waiver thereof, nor will any single or
      partial exercise of such right preclude any future exercise thereof.

17.5  Any notice or communication issued in connection with this Agreement shall
      be made in writing and sent to the respective addresses of the parties as
      set out below or such other addresses as may be notified by the parties in
      writing from time to time. Such notice shall be deemed served as follows:
      (1) if delivered

                                      4-15
<PAGE>

      by hand, on delivery; (2) if sent by fax, upon receipt by the sender of an
      error-free confirmation of transmission; or (3) if sent by courier, at the
      time indicated on the acknowledgement of receipt.

      Assignor:
      Address: 2550 Hong Qiao Road, Shanghai
      Postcode: 200335
      Telephone: 021 51134150
      Fax: 021 62690233

      CEA Northwest:
      Address: 2 Fenghao Road, Xi'an, Shaanxi
      Postcode: 710082
      Telephone: 029 8792025
      Fax: 029 4207040

      CEA Yunnan:
      Address: Kunming International Airport, Yunnan
      Postcode: 650200
      Telephone: 0871 7112011
      Fax: 0871 7175977

      Assignee:
      Address: 2550 Hong Qiao Road, Shanghai
      Postcode: 200335
      Telephone: 021-51130920
      Fax:021-62686116

17.6  The execution of this Agreement may be accomplished (1) by all the parties
      signing on the execution page simultaneously; or (2) by each party signing
      the execution page in different places separately. This Agreement is made
      in twelve copies, of which the four parties shall each hold one copy. The
      remaining copies shall be submitted to the relevant authorities for
      approval or recordal purposes. All copies shall have the same effect.

                                      4-16
<PAGE>

IN WITNESS WHEREOF, the parties have caused their duly authorized
representatives to sign and deliver this Agreement on the date first written
above.

China Eastern Air Holding Company

Signature: /s/ Li Fenghua

(Seal)

China Eastern Air Northwest Company

Signature: /s/ Liu Xingchen

(Seal)

China Eastern Air Yunnan Company

Signature: /s/ Li Mingdao

(Seal)

China Eastern Airlines Corporation Limited

Signature: /s/ Luo Chaogeng

(Seal)

                                      4-17

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