Document:

Unassociated Document

    Exhibit
4.9

     

    This
English version is a translation of the original Chinese version of the
agreement.  

    The
English translation shall have no legal effect.

     

      
        

      

    

     

    AGREEMENT
ON SUBSCRIPTION OF H SHARES TO BE ISSUED BY 

    CHINA
SOUTHERN AIRLINES COMPANY LIMITED BY WAY OF 

    NON-PUBLIC
ISSUE

     

      
        

      

    

     

    Dated:
December 10, 2008

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    This
subscription agreement (hereinafter referred to as the “Agreement”) is entered into by
and between the following parties in Guangzhou, Guangdong province, the PRC on
December 10, 2008:

     

    
      	
              Party A: 

            	
               China
      Southern Airlines Company Limited

            

    

     

    
      
        	
                Address:

              	
                 Guangzhou
      Economic & Technology Development Zone, Gangdong Province, the
      PRC

              

      

    

     

    Legal
representative: Liu Shaoyong

     

    Party B:
Nan Lung Holding Limited

     

    Address:
Unit B1, 9/F, United Center, 95 Queensway, HK

     

    Directors:
Wang Quanhua, Tang Yong, Wu Yingxiang, Zhao Wenyong

     

    (Both
parties are hereinafter referred to as the “Parties” collectively, or the
“Party”
respectively.)

     

    Whereas:

     

    
      	
              1.

            	
              Party
      A is a joint stock limited company duly organized and validly existing
      under the laws of the PRC with a registered capital of RMB6,561,267,000.
      Its shares are listed on the Shanghai Stock Exchange and the Stock
      Exchange of Hong Kong Limited. Its total share capital comprises
      6,561,267,000 shares, among which 3,300,000,000 A shares are held by the
      promoter China Southern Air Holding Company, 1,500,000,000 A shares are
      held by domestic public investors and 1,761,267,000 H shares are held by
      overseas investors.

            

    

     

    
      	
              2.

            	
              Party
      B is a limited liability company duly organized and validly existing under
      the laws of Hong Kong;

            

    

     

    
      	
              3.

            	
              Party
      A intends to increase its registered capital by way of a non-public issue
      of H shares, while Party B intends to subscribe for all the H shares to be
      issued by Party A by way of a non-public issue in order to increase the
      registered capital of Party A.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    The
Agreement is entered into between the Parties after friendly negotiation to
specify the rights and obligations of both Parties in the subscription of H
shares to be issued by way of a non-public issue.

     

    
      	
              1.

            	
              Definitions
      and Interpretation

            

    

     

    
      	
              
              

            	
              1.1

            	
              In
      the Agreement, unless the context requires otherwise, the following
      expressions shall have the following
meanings:

            

    

     

    
      	
               
      

            	
              1.1.1.

            	
              “Agreement” refers
      to the Agreement dated December 10, 2008 on subscription of
      H Shares to be issued by China Southern Airlines Company Limited
      by way of non-public issue.

            

    

     

    
      	
               
      

            	
              1.1.2.

            	
              “Non-public Issued Shares” refers to
      the 721,150,000 new H Shares to be issued by Party A to Party B
      by way of non-public issue in accordance with the Agreement. Pursuant to
      the requirements of the Agreement, the par value of each Share is
      HK$ equivalent of RMB
1.00.

            

    

     

    
      	
               
      

            	
              1.1.3.

            	
              “Non-public Issue” refers
      to the subscription in cash in HK$ by Party B of the
      Non-public Issued Shares to be issued by Party
  A.

            

    

     

    
      	
               
      

            	
              1.1.4.

            	
              “Completion of the Non-public
      Issue” refers to the date on which the shares to be
      issued under the Non-public Issue are registered under the name of Party B
      in the Securities Depository and Clearing
  Corporation.

            

    

     

    
      	
               
      

            	
              1.1.5.

            	
              “CSRC” refers to China
      Securities Regulatory Committee.

            

    

     

    
      	
               
      

            	
              1.1.6.

            	
              “SHSE” refers to the
      Shanghai Stock Exchange.

            

    

     

    
      	
               
      

            	
              1.1.7.

            	
              “Securities Depository and
      Clearing Corporation” refers to Hong Kong Registrars Limited., the
      registrar of H Shares of Party A in Hong
Kong.

            

    

     

    
      	
               
      

            	
              1.1.8.

            	
              “SEHK” refers to Stock Exchange
      of Hong Kong Limited.

            

    

     

    
      	
               
      

            	
              1.1.9.

            	
              “Public Disclosure”
      refers to the disclosure on the media of information disclosure designated
      by SEHK or CSRC.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	
              
              

            	
              1.2

            	
              Interpretation

            

    

     

    
      	
              
              

            	
              1.2.1.

            	
              Headings
      used herein are for easy reference purpose only, and shall not be used to
      construe the Agreement.

            

    

     

    
      	
              
              

            	
              1.2.2.

            	
              Any
      reference to an article, a clause, a paragraph, an annex or an appendix
      shall mean the article, clause, paragraph, annex or appendix in the
      Agreement.

            

    

     

    
      	
              
              

            	
              1.2.3.

            	
              Any
      reference to “including” herein, whether or not followed by “but not
      limited to”, shall mean “including but not limited
  to”.

            

    

     

    
      	
              2.

            	
              Consideration

            

    

     

    
      	
              
              

            	
              2.1

            	
              Both
      Parties agree that the price of the Non-public Issued Shares shall be HK$
      equivalent of RMB1.00 per share, and the exchange rate between HK$ and RMB
      shall be determined by the middle exchange rate on the date of Party B’s
      payment.

            

    

     

    
      	
              
              

            	
              2.2

            	
              Based
      on the issue price specified in Article 2.1 above, Party A shall issue
      721,150,000 Non-public Issued Shares to Party B by way of a Non-public
      Issue. Party B agrees to subscribe for the aforesaid number of Non-public
      Issued Shares in cash. In the event of ex-rights or ex-dividend of the
      Non-public Issued Shares during the period between the price determination
      date and the issue date, the number of Shares to be issued and the issue
      price shall be adjusted
accordingly.

            

    

     

    
      	
              
              

            	
              2.3

            	
              Party
      A shall notify Party B as soon as the “Conditions Precedent” as set out in
      Article 3 are all satisfied. Both Parties agree that the Non-public Issue
      shall take place within 10 working days from the date Party B is notified
      by Party A that the “Conditions Precedent” are all satisfied. Party B
      shall make one lump-sum payment of the consideration for the Non-public
      Issued Shares in cash to the bank account designated by Party A in
      writing.

            

    

     

    
      	
              
              

            	
              2.4

            	
              Both
      Parties confirm that after Completion of both A share non-public issue and
      H share non-public issue, Party B shall hold 9.01% of the enlarged share
      capital of Party A, and shall enjoy corresponding rights (including the
      rights over the retained profit) and undertake corresponding
      obligations.

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              Conditions
      Precedent

            

    

     

    
      	
            	
              3.1

            	
              The
      Agreement shall become effective upon fulfillment of all the conditions
      set out below:

            

    

     

    
      	
            	
              3.1.1.

            	
              The
      implementation of the Non-public Issue under the Agreement being approved
      at the board meeting, shareholders’ general meeting and class meeting of
      Party A;

            

    

     

    
      	
            	
              3.1.2.

            	
              The
      subscription of the Non-public Issued Shares of Party A under the
      Agreement being approved at the board of Party
  B;

            

    

     

    
      	
            	
              3.1.3.

            	
              The
      receipt of all the licenses, authorizations, permits, consents and
      approvals from the relevant approval authorities and other relevant
      approvals for the implementation of the Non-public Issue under the
      Agreement by Party A; and

            

    

     

    
      	
            	
              3.1.4.

            	
              The
      approval of the Listing Committee of SEHK for the listing and trading of
      Non-public Issued Shares.

            

    

     

    
      	
            	
              3.2

            	
              Party
      A and Party B shall do or procure to be done with their best efforts all
      such acts and things necessary to fulfill the above-mentioned conditions
      precedent and for the implementation of the Non-public Issue pursuant to
      the applicable laws and
regulations.

            

    

     

    
      	
            	
              3.3

            	
              If
      the above-mentioned conditions precedent cannot be fulfilled within twelve
      months from the date of approval of the Agreement by shareholders of Party
      A in a general meeting, the Agreement shall cease to be effective, and
      neither Party A nor Party B shall lodge any claim against the other party
      (except for any claim against any previous breach of the
      Agreement).

            

    

     

    
      	
              4.

            	
              Change
      Registration for the Non-public
Issue

            

    

     

    
      After the
Completion of the Non-public Issue, both Party A and Party B shall register
relevant changes with Administration of Commerce and Industry on a timely
basis.

    

     

    
      	
              5.

            	
              Undertakings
      and Guarantees Given by Party A

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              
              

            	
              5.1

            	
              Party
      A guarantees to Party B that:

            

    

     

    
      	
            	
              5.1.1.

            	
              Party
      A is a corporate legal person legally incorporated under the PRC laws with
      valid existence;

            

    

     

    
      	
            	
              5.1.2.

            	
              Party
      A will enter into and execute the
Agreement:

            

    

     

    
      	
            	
              5.1.2.1.

            	
              The
      requirements of its Articles of Association have been
  met;

            

    

     

    
      	
            	
              5.1.2.2.

            	
              It
      has taken or will take necessary corporate actions to obtain all necessary
      authorisation and approvals;

            

    

     

    
      	
            	
              5.1.2.3.

            	
              It
      will not breach any laws or restrictions imposed by any contracts which
      are binding or have effect on Party
A.

            

    

     

    
      	
            	
              5.2

            	
              Party
      A guarantees that in the process of bargaining and negotiation for the
      signing of the Agreement, all the information provided by Party A to Party
      B is true, accurate and complete.

            

    

     

    
      	
            	
              5.3

            	
              Party
      A undertakes that it will comply with all the terms of the
      Agreement.

            

    

     

    
      	
            	
              5.4

            	
              Party
      A undertakes that it will assume economic obligation and legal obligation
      for breach of any of these guarantees and undertakings mentioned above,
      and compensate Party B for the actual loss and expenses so
      incurred.

            

    

     

    
      	
              6.

            	
              Undertakings
      and Guarantees Given by Party
B

            

    

     

    
      	
            	
              6.1

            	
              Party
      B guarantees to Party A that:

            

    

     

    
      	
            	
              6.1.1.

            	
              Party
      B is a limited liability company duly organized and validly existing under
      the laws of Hong Kong;

            

    

     

    
      	
            	
              6.1.2.

            	
              Party
      B will enter into and execute the
  Agreement:

            

    

     

    
      	
            	
              6.1.2.1.

            	
              The
      requirements of its Articles of Association have been
  met;

            

    

     

    
      	
            	
              6.1.2.2.

            	
              It
      has taken or will take necessary corporate actions to obtain all necessary
      authorisation and approvals;

            

    

     

    
      	
            	
              6.1.2.3.

            	
              It
      will not breach any laws or restrictions imposed by any contracts which
      are binding or have effect on Party
B.

            

    

     

    
      	
            	
              6.1.2.4.

            	
              Party
      B will comply with the regulations promulgated by PRC and Hong Kong in
      connection with the prohibition of insider trading and market
      misconduct;

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
            	
              6.2

            	
              Party
      B guarantees that in the process of bargaining and negotiating for the
      signing of the Agreement, all the information provided by Party B to Party
      A is true, accurate and complete.

            

    

     

    
      	
            	
              6.3

            	
              Party
      B undertakes that it will comply with all the terms of the
      Agreement.

            

    

     

    
      	
            	
              6.4

            	
              Party
      B undertakes that it will assume economic obligation and legal obligation
      for breach of any of these guarantees and undertakings mentioned above,
      and compensate Party A for the actual loss and expenses so
      incurred.

            

    

     

    
      	
              7.

            	
              Liability
      for Breach of the Agreement

            

    

     

    A party
under the Agreement is deemed to be a party in default if it breaches any
obligation, undertaking, statement and guarantee stipulated in the Agreement.
The party in default shall assume the relevant compensation liability if its
breach lead to the failure in fulfilling the Agreement in full, in part or on a
timely basis, which in turn results in losses to the other party.

     

    
      	
              8.

            	
              Alterations,
      Amendments and Assignment of the
Agreement

            

    

     

    
      	
            	
              8.1

            	
              Alterations
      and amendments of the Agreement shall be subject to negotiation between
      the Parties and made in writing.

            

    

     

    
      	
            	
              8.2

            	
              Alterations
      and amendments of the Agreement form an integral part of the
      Agreement.

            

    

     

    
      	
            	
              8.3

            	
              Neither
      Party shall have the right to assign in whole or in part their rights or
      obligations under the Agreement without the written consent of the other
      party.

            

    

     

    
      	
              9.

            	
              The
      Entire Agreement

            

    

     

    
      	
            	
              9.1

            	
              The
      Agreement shall constitute the entire agreement in connection with the
      subject matter of the Agreement between the Parties hereto and shall
      supersede any and all previous oral and written proposals, statements,
      guarantees, commitments, letters of intention, Memorandums of
      understanding, agreements and contracts between the Parties. The Parties
      shall not and have no right to rely on those proposals, statements,
      guarantees, commitments, letters of intention, Memorandums of
      understanding, agreements and
contracts.

            

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              10.

            	
              Sharing
      of Taxes and Expenses

            

    

     

    
      	
            	
              10.1

            	
              Save
      as otherwise agreed between the Parties, tax and Expenses incurred in
      connection with the Non-pubic Issue shall be shared by the Parties in
      accordance with the relevant regulations of the
  state.

            

    

     

    
      	
              11.

            	
              Notice

            

    

     

    
      	
            	
              11.1

            	
              Relevant
      notices under or relating to the Agreement shall be dispatched in written
      form. A notice shall be deemed effectively received if delivered by hand
      or registered post to the Parties at the following addresses, or other
      addresses as instructed by the recipients in ten days prior written
      notice:

            

    

     

    
      	
            	
              Party A: 

            	
              China
      Southern Airlines Company Limited

            

    

     

    
      	
            	
              Address: 

            	
              278
      Ji Chang Road, Guangzhou

            

    

     

    
      	
            	
              Post code: 

            	
              510406

            

    

     

    
      	
            	
              Recipient: 

            	
              Qin
      Haifeng

            

    

     

    
      	
            	
              Party B: 

            	
              Nan
      Lung Holding Company Limited

            

    

     

    
      	
            	
              Address: 

            	
              Room
      B1, 9/F, United Center, 95 Queensway,
HK

            

    

     

    
      	
            	
              Recipient: 

            	
              Wang
      Xiaohui

            

    

     

    
      	
            	
              11.2

            	
              A
      notice if delivered by hand shall be deemed effectively received upon the
      recipient’s signature. A notice, when delivered by registered post, shall
      be deemed received seven days after the dispatch of the same at the
      address of the recipient.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
              12.

            	
              Discharge
      of the Agreement

            

    

     

    
      	
            	
              12.1

            	
              The
      Agreement may be discharged upon the occurrence of one or more of the
      circumstances as follows:

            

    

     

    
      	
            	
              12.1.1.

            	
              Both
      Parties to the Agreement have unanimously agreed through
      consultation;

            

    

     

    
      	
            	
              12.1.2.

            	
              Should
      the Agreement fail to meet the conditions precedent prescribed in Article
      3 or cannot be performed under the laws, orders, government bans or
      judicial rulings, either party shall be entitled to discharge the
      Agreement unilaterally by a written
notice.

            

    

     

    
      	
            	
              12.2

            	
              Should
      any circumstance mentioned above occur owing to the fault of either party
      or both Parties, each party shall assume its respective liability for
      breach of the Agreement as prescribed in Article 7
  hereof.

            

    

     

    
      	
              13.

            	
              Settlement
      of Disputes

            

    

     

    
      	
            	
              13.1

            	
              The
      Agreement is subject to the laws of the People’s Republic of
      China.

            

    

     

    
      	
            	
              13.2

            	
              All
      disputes arising from the implementation of the Agreement shall be settled
      through friendly negotiation between the Parties. Where negotiation is not
      successful, any Party may refer the dispute to the people’s court with
      competent jurisdiction in Guangzhou for legal
  proceedings.

            

    

     

    
      	
            	
              13.3

            	
              Except
      for the disputes submitted for legal proceedings, each Party shall
      continue to perform other provisions of the
  Agreement.

            

    

     

    
      	
              14.

            	
              Confidentiality

            

    

     

    
      	
            	
              14.1

            	
              After
      the signing of the Agreement, unless prior written consent of the other
      party has been obtained, each party shall, regardless whether the
      Non-public Issue under the Agreement is completed or not, or whether the
      Agreement is terminated, rescinded, revoked, deemed to be void, or
      fulfilled, undertake the following obligations of
      confidentiality:

            

    

     

    
      	
            	
              14.1.1.

            	
              The
      Parties shall not disclose to any third party the Agreement and the
      transaction contemplated hereunder and any other documents related to the
      transaction (hereinafter referred to as “Confidential
      Documents”);

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
            	
              14.1.2.

            	
              The
      Parties shall use the Confidential Documents and their contents only for
      the purpose of the transaction contemplated hereunder, but not for any
      other purpose.

            

    

     

    
      	
            	
              14.2

            	
              The
      Parties to the Agreement shall not be subject to the restrictions of
      Article 14.1 if they disclose the Confidential Documents for the following
      reasons:

            

    

     

    
      	
            	
              14.2.1.

            	
              Disclosure
      to the Parties to the Agreement and any of the intermediaries including
      sponsors, independent financial advisors for H shares, accountants, and
      lawyers engaged by such Party;

            

    

     

    
      	
            	
              14.2.2.

            	
              Disclosure
      made according to the mandatory requirements of laws and
      regulations;

            

    

     

    
      	
            	
              14.2.3.

            	
              Disclosure
      made according to the mandatory requirements of the competent government
      authorities.

            

    

     

    
      	
              15.

            	
              Other
      Provisions

            

    

     

    
      	
              
              

            	
              15.1

            	
              The
      Agreement shall be formed from the date of signing by the legal
      representatives of the Parties or their duly authorized representatives,
      and shall come into force pursuant to the provisions of Article 3 of the
      Agreement.

            

    

     

    
      	
            	
              15.2

            	
              The
      Parties can, through negotiation, sign a separate written supplementary
      agreement on any matter not covered by the Agreement. The supplementary
      agreement shall have the same legal effect as the
    Agreement.

            

    

     

    
      	
            	
              15.3

            	
              The
      Agreement shall be signed in 20 copies. Party A and Party B shall hold one
      copy each, and the other 18 copies shall be filed with the relevant
      authorities.

            

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (This
page does not carry any text, and is designated for signing and sealing of the
Agreement)

     

    
      
        
          
            	
                    China
      Southern Airlines Company Limited

                  
	 
      
	
                    By:

                  	
                    /s/
      Liu Shaoyong (Company Seal)

                  
	
                    Name:

                  	
                    Liu
      Shaoyong

                  
	
                    Title:

                  	
                    Legal
      representative

                  

          

        

      

    

     

    
      
        
          
            	
                    Nan
      Lung Holding Limited

                  
	 
      
	
                    By:

                  	
                    /s/
      Wang Quanhua (Company Seal)

                  
	
                    Name:

                  	
                    Wang
      Quanhua

                  
	
                    Title:

                  	
                    Authorized
      representative

                  

          

        

      

    

     

    
      
         

      

      
        10Unassociated Document

    Exhibit 4.10

    Execution
copy

    

    
      
        

      

    

     

    TRADEMARK
LICENSE AGREEMENT

     

    
      

    

    

    by and
between

    

    CHINA
SOUTHERN AIRLINES COMPANY LIMITED

    

    and

    

    SOUTHERN
AIRLINES (GROUP)

    

    May
22, 1997

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    

    TABLE OF
CONTENTS

    

    
      
        
          
            	 
      	 
      	
                    PAGE

                  
	 
      	 
      	 
      
	
                    PRELIMINARY
      STATEMENT

                  	
                    3

                  
	 
      	 
      	 
      
	
                    ARTICLE
      1.

                  	
                    DEFINITIONS

                  	
                     
      3

                  
	 
      	 
      	 
      
	
                    ARTICLE
      2.

                  	
                    GRANT
      OF LICENSE

                  	
                     
      4

                  
	 
      	 
      	 
      
	
                    ARTICLE
      3.

                  	
                    ASSURANCES
      AND UNDERTAKINGS

                  	
                     
      5

                  
	 
      	 
      	 
      
	
                    ARTICLE
      4.

                  	
                    SUPERVISION
      AND QUALITY CONTROL

                  	
                     
      7

                  
	 
      	 
      	 
      
	
                    ARTICLE
      5.

                  	
                    INFRINGEMENT
      AND INDEMNITY

                  	
                     
      7

                  
	 
      	 
      	 
      
	
                    ARTICLE
      6.

                  	
                    EFFECTIVENESS
      AND TERMINATION

                  	
                     
      8

                  
	 
      	 
      	 
      
	
                    ARTICLE
      7.

                  	
                    DISPUTE
      SETTLEMENT

                  	
                     
      9

                  
	 
      	 
      	 
      
	
                    ARTICLE
      8.

                  	
                    GOVERNING
      LAW

                  	
                     
      9

                  
	 
      	 
      	 
      
	
                    ARTICLE
      9.

                  	
                    MISCELLANEOUS

                  	
                     
      9

                  
	 
      	 
      	 
      
	
                    SIGNATURES

                  	 
      	
                     
      10

                  
	 
      	 
      	 
      
	
                    ANNEX
      1

                  	
                    -   LICENSED
      MARKS

                  	 
      
	 
      	 
      	 
      
	
                    ANNEX
      2

                  	
                    -   BUSINESS
      LICENSE OF THE LICENSOR

                  	 
      
	 
      	 
      	 
      
	
                    ANNEX
      3

                  	
                    -   BUSINESS
      LICENSE OF THE LICENSEE

                  	 
      

          

        

      

    

     

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    TRADEMARK
LICENSE AGREEMENT

    

    THIS
TRADEMARK LICENSE AGREEMENT (this "Agreement") is entered into on May 22, 1997
in Guangzhou Municipality, Guangdong Province, the People's Republic of China,
by and between China Southern Airlines Company Limited, a company limited by
shares organized and existing under the laws of the People's Republic of China
(the "Licensee"), with its legal address at Guangzhou Baiyun International
Airport, Guangzhou Municipality, Guangdong province, the People's Republic of
China, and Southern Airlines (Group), a state-owned enterprise organized and
existing under the laws of the People's Republic of China (the "Licensor"), with
its legal address at Guangzhou Baiyun International Airport, Guangzhou
Municipality, Guangdong Province, the People's Republic of China (the
"PRC").

    

    PRELIMINARY
STATEMENT

    

    WHEREAS,
the Licensee and Licensor were established through the restructuring of China
Southern Airlines (Group) Company; upon which restructuring, the Licensee
becomes a wholly-owned subsidiary of the Licensor;

    

    WHEREAS,
the Licensee and the Licensor entered into a Demerger Agreement dated March 25,
1995 (the "Demerger Agreement");

    

    WHEREAS,
in the Demerger Agreement, the Licensor has agreed to enter into a trademark
license contract with the Licensee to permit the Licensee to use the Licensed
Marks (as defined in Article 1.1 (d)); and

    

    WHEREAS,
the Licensee desires to obtain, and the Licensor is willing to grant, such
license on the terms and conditions set forth herein.

    

    NOW AND
THEREFORE, the Parties hereto hereby agree as follows:

    

    ARTICLE
1.   DEFINITIONS

    

    Article
1.1.   Definitions.  Unless
the context of this Agreement otherwise requires, the following terms shall have
the meanings set forth below:

    

    (a)           "Affiliated Person"
means any subsidiary in which the Licensor or the Licensee has an equity
interest.

    

    (b)           "Airline Services"
means the airline passenger, air cargo, air mail, other air services and any
other services reasonably incidental thereto provided by the Licensee or its
Affiliated Persons in any part of the world (including Taiwan, Hong Kong and
Macao in the PRC and the rest of the PRC's territory) (“Licensed Areas”), as
well as any business operation related to any of the above services or other
activities.

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    (c)           “Relevant Activities”
means any supplemental business activities conducted by the Licensee or its
Affiliated Persons for the reasonable promotion of Airline
Services.

    

    (d)           “Licensed Marks” means
the service mark depicting red kapok against a blue background as shown in Annex
1 hereto.

    

    ARTICLE
2.   GRANT OF LICENSE

    

    Article
2.1.   License.  The
Licensor hereby grants to the Licensee a royalty-free exclusive license to
permit the Licensee to use, upon the terms and conditions set forth herein, the
Licensed Marks in connection with the Airline Services and Relevant Activities
in the Licensed Areas.

    

    Notwithstanding
the foregoing, the Licensor retains the rights to use the Licensed Marks in
connection with its own business, and to permit any Affiliated Person of the
Licensor to use the Licensed Marks in accordance with such terms and conditions
as the Licensor may deem appropriate in connection with any other business or
activity that does not compete, directly or indirectly, with the Airline
Services and relevant services provided at any time by the Licensee or its
Affiliated Persons.

    

    Article
2.2.   Right to
Sublicense.  The Licensee shall not, without the prior written
consent of the Licensor, sublicense, transfer or dispose of the Licensed Marks
to any third party. Notwithstanding the foregoing, the Licensee may sublicense,
without the consent of the Licensor, its Affiliated Persons to use the Licensed
Marks in connection with the Airline Services and Relevant Activities; provided, however, that (a) the
rights of any sublicensed Affiliated Person shall not exceed the Licensee’s
rights under this Agreement, and the obligations and liabilities assumed by such
Affiliated Person shall be identical in all material respects to those of the
Licensee under this Agreement; (b) the Licensee shall promptly provide the
Licensor with a true copy of such sublicense agreement, as executed; and (c) the
Licensor shall have the right to require that the Licensee terminate any
sublicense, immediately upon written notice to the Licensee, if this Agreement
is terminated, or the sublicensed Affiliated Person fails to comply in all
material respects with the terms of this Agreement or the sublicense agreement
or any law or governmental regulations applicable to the use of the Licensed
Marks in the conduct of its business, and the Licensee shall terminate the
applicable sublicense.

    

    Article
2.3.   Recognized
Rights.  The Licensor hereby recognize that the Licensee shall
have the full right during the term of this Agreement to use the Chinese and
English names of “China Southern”, “China Southern Airlines” and similar names
in connection with the Airline Services and Relevant Activities in the Licensed
Areas.

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    Article
2.4.   Waiver.  The
Licensor hereby waive any claim which the Licensor may have as a result of the
use of the Licensed Marked and the names described in Article 2.3 above by the
Licensee during the period from March 25, 1995 to the date hereof.

    

    ARTICLE
3.    ASSURANCES AND UNDERTAKINGS

    

    Article
3.1.   Representations and
Warranties.  Each of the Licensor and the Licensee represents
and warrants that:

    

    (a)           It
is a duly organized and validly existing legal person under the laws of the
PRC.

    

    (b)           A
true and correct copy of its business license is attached hereto as Annex 2 (in
the case of the Licensor) and as Annex 3 (in the case of the
Licensee).

    

    (c)           It
has full power and authority to enter into this Agreement and to perform its
obligations hereunder.

    

    (d)           Its
representations, whose signature is affixed hereto, has been fully authorized to
sign this Agreement.

    

    (e)           Upon
the signature by each of the Parties hereto, this Agreement shall constitute its
legal, valid and binding obligation, enforceable against it in accordance with
its terms.

    

    Article
3.2.   Licensor
Warranty.  The Licensor warrants to the Licensee that, as of
the date hereof, the Licensor has the right to license the Licensed Marks to the
Licensee, and that there are no conflicting claims to, or registrations by any
third party of, the Licensed Marks in the Licensed Areas.

    

    Article
3.3.   Licensor Agreement to
Maintain and Register Marks; Abandonment.  The Licensor shall
maintain and renew all registrations for the Licensed Marks. Upon written notice
form the Licensee to the Licensor that the Licensee proposes to provide Airline
Services or engage in Relevant Activities in any country or jurisdiction in
which the Licensed Marks are not registered with the applicable governmental
authorities by the Licensor or the Licensor has not otherwise acquired the right
to use the Licensed Marks, the Licensor shall promptly take all steps as are
reasonably necessary and will use its best efforts, at the expense of the
Licensee, to register the Licensed Marks or to acquire such right. The Licensee
shall cooperate with the Licensor.

    

    If the
Licensor intends to abandon any of the Licensed Marks, the Licensor shall give
the Licensee sixty days written notice thereof.

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    Article
3.4.   No Sale or Assignment; No
Rights to Register.  Nothing herein shall be deemed, intended
or implied to constitute a sale or assignment of the Licensed Marks to the
Licensee, and no rights are conveyed hereunder to the Licensee except the rights
to use the Licensed Marks and to sublicense the Licensed Marks under the terms
of this Agreement. The Licensee recognizes the Licensor’s exclusive rights to
the Licensed Marks (including without limitation the ownership thereof and the
rights to apply for registration and to renew the registration with respect
thereto and any other rights related thereto) and, to the fullest extent
permitted by applicable law, agrees that it will at no time question the
validity of such rights.

    

    In the
event that the Licensee shall, by virtue of this Agreement, acquire under the
laws of any applicable country or jurisdiction any rights with respect to the
Licensed Marks or if, for any other reason, any court, arbitral panel or
governmental agency of any country or jurisdiction determines that the Licensee
is the owner of any Licensed Mark or may become such owner through appropriate
registration (whether as the sole owner or co-owner of such Licensed Mark), the
Licensee shall transfer such rights to the Licensor without further
consideration and subject to no further condition.

    

    The
Licensee shall have no right to apply for or to contest the registration or
renewal of registration of any Licensed Mark or of any similar marks in any
country or jurisdiction without the prior written consent of the
Licensor.

    

    If
permitted by applicable laws and regulations and with the consent of the
Licensor, the Licensee may register, at its own expense, with the appropriate
governmental authority in any country or jurisdiction as an agent of the
Licensee or registered user of any Licensed Mark, and may record or register
this Agreement with such governmental authority. The Licensor shall cooperate
with the Licensee in any such registration, including the execution of all
documents necessary or useful to effect such registration.

    

    Article
3.5.   Right to
Enjoin.  The Licensor shall have the right to enjoin any action
of the Licensee or any sublicensed Affiliated Person in conflict with this
Agreement and to seek any other appropriate legal relief available to protect
its rights to the Licensed Marks.

    

    Article
3.6.   Assistance to
Licensor.  The Licensee hereby agrees to provide to the
Licensor and, at the request of the Licensor, to its Affiliated Persons, all
reasonable assistance in protecting the Licensed Marks.

    

    Article
3.7.   Further
Assurances.  The Parties agree that, subsequent to the
execution and delivery of this Agreement and without any additional
consideration, each of them shall execute and deliver any further legal
instruments and perform such acts that are or may become necessary to effectuate
the purposes of this Agreement.

    

    
      
        
           

        

        
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    ARTICLE
4.   SUPERVISION AND QUALITY CONTROL

    

    Article
4.1.   Maintenance of Quality
Standards. The Licensee shall, when providing the Airline Services and
engaging in Relevant Activities using the Licensed Marks, make sure that the
quality of such Services and Activities conform to the standards achieved and
established by the Licensor prior to the date of execution of the Demerger
Agreement. The Licensee shall permit the Licensor to make reasonable inspections
during normal business hours in order to confirm whether the Licensee has
satisfied such quality standards. If the Licensor considers that the Licensee
has failed to reach such standards, the Licensee shall promptly take such
remedial measures as necessary or as the Licensor may reasonably recommend to
correct any deviation from such standards. If the Licensee still fails to meet
such standards, then the Licensor shall have the right to terminate this
Agreement with immediate effect.

    

    Article
4.2.   Compliance with Applicable
Law.  The Licensee shall comply with all applicable laws and
regulations and obtain all necessary governmental approvals pertaining to the
Airline Services and Relevant Activities.

    

    Article
4.3.   Prohibited
Uses.  The Licensee shall not use any Licensed Mark in any
manner that damages the business of the Licensor or its reputation nor create or
use a new mark containing any Licensed Mark or similar to the Licensed Marks.
The Licensor shall have the right to prohibit any such activity of the
Licensee.

    

    ARTICLE
5.   INFRINGEMENT AND INDEMNITY

    

    Article
5.1.   Infringement by Others;
Right to Control.  Either Party hereto (“Defaulting Party”)
shall defend, indemnify and hold harmless the other Party and its Affiliated
Persons, and the directors or employees of either Party (“Non-defaulting Party”)
from and against any and all claims, damages and expenses (including the
reasonable fees and expenses of attorneys and experts) incurred as a result of
the performance or breach of this Agreement by the Defaulting Party. The
Non-defaulting Party shall submit the claim to the Defaulting Party for defense.
In the event that the Defaulting Party fails to defend, the Non-defaulting Party
shall have the rights to defend and to claim from the Defaulting Party the
expenses incurred by the Non-defaulting Party from such defense.

    

    Article
5.2.   Providing
Information.  Either Party hereto shall promptly provide the
other Party with detailed information regarding any claim or cause of action
asserted by a third party.

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    Article
5.3.   Survival.  The
terms of this Article 5 shall survive the expiration or termination of this
Agreement.

    

    ARTICLE
6.   EFFECTIVENESS AND TERMINATION

    

    Article
6.1.   Term.  This
Agreement shall be effective on the date of execution by both Parties and shall
remain in full force and effect for ten years. This Agreement shall be renewed
automatically for ten years unless the Licensor notifies the Licensee in writing
three months prior to the expiration of this Agreement, in which case, this
Agreement shall terminate. This Agreement shall be renewed for many times based
on such principle.

    

    Article
6.2.   Early
Termination.  Either Party shall have the right to terminate
this Agreement under any of the following circumstances:

    

    (a)           if
the other Party has committed a material breach of this Agreement or any
representation or warranty contained herein, and such breach is not cured within
thirty days after written notice from the Non-defaulting Party to the Defaulting
Party;

    

    (b)           the
Licensor has ceased to hold, directly or indirectly, any shares of the
Licensee;

    

    (c)           if
the other Party has become bankrupt or is the subject of proceedings for
liquidation or dissolution, or ceases to carry on business or becomes unable to
pay its debts as they become due.

    

    Article
6.3.   Termination
Procedure.  Termination as set out under Article 6.2 may be
effected by the terminating Party giving the other Party thirty days’ prior
written notice specifying the reason for such termination. The termination of
this Agreement shall become effective upon the expiration of such thirty-day
period.

    

    Article
6.4.   Effect of
Termination.

    

    (a)           Upon
the termination of this Agreement:

    

    (1)           The
Licensee’s right to use the Licensed Marks shall immediately cease, the Licensee
shall discontinue all use of the Licensed Marks, and the Licensee shall not
attempt to register or use any mark that in the reasonable determination of the
Licensor is similar to any Licensed Mark.

    

    (2)           The
Licensee shall remove the Licensed Marks from all times of the Licensee and the
Licensor shall pay to the Licensee a reasonable compensation
therefor.

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    (3)           The
Licensee shall cancel any registration of the trademark license with the
relevant governmental department with respect to the termination of this
Agreement.

    

    (b)           The
terms of this Article 6.4 shall survive the termination of this
Agreement.

    

    ARTICLE
7.    DISPUTE SETTLEMENT

    

    Article
7.1.   Dispute
Resolution.  If a dispute arises in connection with the
interpretation or implementation of this Agreement, the Parties shall attempt to
settle such dispute through friendly consultation. If friendly consultation
fails to resolve such dispute, either Party may, at any time, institute legal
proceedings regarding such dispute with the People’s Court having jurisdiction
over such matter.

    

    ARTICLE
8.   GOVERNING LAW

    

    Article
8.1.   Applicable
Law.  The validity, interpretation and implementation of this
Agreement shall be governed by the laws of the PRC.

    

    ARTICLE
9.   MISCELLANEOUS

    

    Article
9.1.   No
Assignment.  Neither Party may assign any of its rights or
obligations under this Agreement without the prior written consent of the other
Party, except that the Licensor may without such consent delegate to any of
its Affiliated Persons its rights to quality control, inspection and
supervision hereunder. This Agreement is binding upon and made for the benefit
of the Parties hereto and their respective successors and permitted
assigns.

    

    Article
9.2.   Severability.  This
Agreement is severable in that if any provision hereof is determined to be
illegal or unenforceable, such provision shall be removed without affecting the
remaining provisions of this Agreement.

    

    Article
9.3.   Chinese Version to Govern;
Counterparts.  This Agreement is written in Chinese. In the
event of any discrepancy between the Chinese version hereof and any translation
hereof in any other language, the Chinese version shall prevail. The Parties
shall execute four (4) originals of this Agreement and each shall retain two (2)
originals. Each original shall be equally valid.

    

    Article
9.4.   Entire Agreement;
Amendments.  This Agreement constitutes the entire agreement
between the Parties with respect to the subject matter hereof, supersedes any
prior expression of intent or understanding relating hereto and may only be
modified or amended by a written instrument signed by the authorized
representatives of the Parties.

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

    

    Article
9.5.   No
Waiver.  Failure or delay on the part of any Party to exercise
any right under this Agreement shall not operate as a waiver, nor shall any
partial exercise of any right preclude any future exercise thereof.

    

    Article
9.6.   Registration.  The
Licensor and the Licensee shall as soon as possible file a copy of this
Agreement with the appropriate authority of the PRC.

    

    Article 9.7.   Notices.  Any
notice or other written communication that is required hereunder shall be in
writing and shall be delivered personally or by post to the other Party hereto
at the address of such other Party set forth in the introductory paragraph of
this Agreement or by facsimile to the facsimile number of the other
Party.

    

    IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by
their duly authorized representatives as of the date indicated in the first
paragraph of this Agreement.

    

    
      	
              CHINA
      SOUTHERN AIRLINES COMPANY LIMITED

              Licensee

            

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  By:   

                                	
                                  /s/
      Yan Zhi Qing  (Company Seal)

                                
	 
      	
                                  Name:  

                                	Yan Zhi Qing
	 
      	
                                  Title:

                                	  
      

                        

                      

                    

                  

                

              

            

          

           

          
            	 
      	
                  

          

           

        

      

    

    
      
        
          
            
              
                	
                        SOUTHERN
      AIRLINES (GROUP)

                        Licensor

                      

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  By:

                                	
                                  /s/
      Yu Yan En  (Company Seal)

                                
	 
      	
                                  Name: 

                                	Yu
      Yan En 
	 
      	
                                  Title:

                                	 
      

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	 
      	
            

    

     

    
      
        
           

        

        
          10

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