Document:

Unassociated Document

    Exhibit 4.19

    

    

    

    

    

    

    Share
Subscription Agreement

    

    

    Between

    

    China
Eastern Airlines Corporation Limited

    

    and

    

    CES
Global Holdings (Hong Kong) Limited

    

     

      
        

      

    

     

    In
relation to the subscription of additional H shares issued by

    China
Eastern Airlines 

    Corporation
Limited

     

    
      
        

      

    

     

    10
July 2009

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      CONTENT

       

    

    
      
        
          
            	
                    ARTICLE
      1

                  	
                    DEFINITIONS

                  	
                    1

                  
	 	 	 
	
                    1.1

                  	
                    Definitions

                  	
                    1

                  
	
                    1.2

                  	
                    Interpretations

                  	
                    3

                  
	 	 	 
	
                    ARTICLE
      2

                  	
                    SUBSCRIPTION
      OF SHARES

                  	
                    3

                  
	 	 	 
	
                    2.1

                  	
                    Subscription
      of Shares and Price

                  	
                    3

                  
	
                    2.2

                  	
                    Methods
      of Subscription and Payment

                  	
                    3

                  
	
                    2.3

                  	
                    Completion
      of the Transaction

                  	
                    3

                  
	 	 	 
	
                    ARTICLE
      3

                  	
                    COMMENCEMENT
      AND TERMINATION OF THE AGREEMENT

                  	
                    3

                  
	 	 	 
	
                    3.1

                  	
                    Commencement

                  	
                    3

                  
	
                    3.2

                  	
                    Termination

                  	
                    4

                  
	 	 	 
	
                    ARTICLE
      4

                  	
                    REPRESENTATIONS
      AND WARRANTIES BY THE COMPANY

                  	
                    4

                  
	 	 	 
	
                    4.1

                  	
                    Organization
      and Credit

                  	
                    5

                  
	
                    4.2

                  	
                    Authorization
      and Validity

                  	
                    5

                  
	
                    4.3

                  	
                    No
      Conflict

                  	
                    5

                  
	
                    4.4

                  	
                    No
      Insolvency

                  	
                    5

                  
	
                    4.5

                  	
                    Legal
      Proceedings

                  	
                    5

                  
	
                    4.6

                  	
                    Genuiness
      of Disclosure

                  	
                    5

                  
	 	 	 
	
                    ARTICLE
      5

                  	
                    REPRESENTATIONS
      AND WARRANTIES BY CES GLOBAL

                  	
                    6

                  
	 	 	 
	
                    5.1

                  	
                    Organization
      and Credit

                  	
                    6

                  
	
                    5.2

                  	
                    Authorization
      and Validity

                  	
                    6

                  
	
                    5.3

                  	
                    No
      Conflict

                  	
                    6

                  
	
                    5.4

                  	
                    Sufficient
      Funds

                  	
                    6

                  
	
                    5.5

                  	
                    
                      Genuiness
      of Disclosure

                    

                  	
                    7

                  
	 	 	 
	
                    ARTICLE
      6

                  	
                    FURTHER
      UNDERTAKINGS

                  	
                    7

                  
	 	 	 
	
                    6.1

                  	
                    Further
      Undertakings by the Company

                  	
                    7

                  
	
                    6.2

                  	
                    Further
      Undertakings by CES Global

                  	
                    7

                  
	
                    6.3

                  	
                    Charges

                  	
                    7

                  
	 	 	 
	
                    ARTICLE
      7

                  	
                    CONFIDENTIALITY
      AND MAKING PUBLIC

                  	
                    7

                  
	 	 	 
	
                    7.1

                  	
                    Confidentiality

                  	
                    7

                  
	
                    7.2

                  	
                    Making
      Public

                  	
                    8

                  
	 	 	 
	
                    ARTICLE
      8

                  	
                    RESPONSIBILITIES
      FOR BREACH OF THE AGREEMENT

                  	
                    8

                  
	 	 	 
	
                    ARTICLE
      9

                  	
                    SETTLEMENT
      OF DISPUTES

                  	
                    8

                  
	 	 	 
	
                    ARTICLE
      10

                  	
                    MISCELLANEOUS

                  	
                    9

                  
	 	 	 
	
                    10.1

                  	
                    Notice

                  	
                    9

                  
	
                    10.2

                  	
                    Governing
      Law

                  	
                    9

                  
	
                    10.3

                  	
                    Divisibility

                  	
                    9

                  
	
                    10.4

                  	
                    Amendments

                  	
                    10

                  
	
                    10.5

                  	
                    Waiver

                  	
                    10

                  
	
                    10.6

                  	
                    The
      Integral Agreement

                  	
                    10

                  
	
                    10.7

                  	
                    Copies

                  	
                    10

                  

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    This
share subscription agreement (the “Agreement”) was made as of
this 10th day of
July 2009 in Shanghai by and between:

     

    China
Eastern Airlines Corporation Limited, a joint stock limited company incorporated
and existing under the laws of the PRC, whose H shares, A shares and American
Depositary Receipts (“ADR”) are listed on The Stock Exchange of Hong Kong
Limited (“Hong
Kong Stock Exchange”), the Shanghai Stock Exchange (“SHSE”) and the New York Stock
Exchange, Inc. respectively, with its registered office at 66 Airport Street,
Pudong International Airport, Shanghai, China, postal code: 201202 (the “Company”); and

     

    CES
Global Holdings (Hong Kong) Limited, a wholly PRC state-owned company
incorporated and existing under the laws of the Hong Kong Special Administrative
Region and a Related Party of the Company, with its registered office at Unit
2211A 22/F,Bank of America
Tower, 12 Harcourt Road, Admiralty, Hong Kong (“CES Global”), the beneficial
controller of which is China Eastern Air Holding Company (“CEA Holding”), the controlling
shareholder of the Company.

     

    Each of
the Company and CES Global is hereinafter referred to as the “Party” and together as the
“Parties”.

     

    Whereas:

     

    (1) the
Company is a joint stock limited company established in the PRC whose H shares,
A shares and ADRs are listed on the Hong Kong Stock Exchange, SHSE and the New
York Stock Exchange, Inc. respectively;

     

    (2) As
the Related Party of the Company, CES Global has agreed to subscribe
for 490,000,000 New H Shares of the Company pursuant to the terms and
conditions of the Agreement;

     

    Based on
the principle of equality, willingness and mutual cooperation, the Parties
hereby enter into and sign an agreement as follows:

     

    ARTICLE
1

    DEFINITIONS

     

    
      	
              1.1

            	
              Definitions

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

    

     

    
      
        	
                “Related
      Party”

              	
                For
      any party herein, means any other person who controls it, or is controlled
      by or under the common control together with it, whether directly or
      indirectly through one or more intermediaries.

                 

              

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              “CES
    Global”

            	
              means东航国际控股(香港)有限公司
      (CES Global Holdings (Hong Kong) Limited).

               

            
	
              “CEA
    Holding”

            	
              means中国东方航空集团公司
      (China Eastern Air Holding Company).

               

            
	
              “Hong Kong Stock
      Exchange”

            	
              means
      The Stock Exchange of Hong Kong Limited.

               

               

            
	
              “CSRC”

            	
              means
      the China Securities Regulatory Commission.

               

            
	
              “Shanghai
      Administration”

            	
              means
      the Administration for Industry and Commerce of Shanghai.

               

            
	
              “SHSE”

            	
              means
      the Shanghai Stock Exchange.

               

            
	
              “Company”

            	
              means
      中國東方航空股份有限公司(China
      Eastern Airlines Corporation Limited).

               

            
	
              “Completion of the
      Transaction”

            	
              has
      the meaning as defined in Paragraph 2.3 hereof.

               

               

            
	
              “Confidential
      Information”

            	
              has
      the meaning as defined in Paragraph 6.1 hereof.

               

               

            
	
              “New H
      Shares”

            	
              means the
      new H shares to be
      issued by the Company to CES Global for its subscription pursuant to the
      terms and conditions of the Agreement.

               

            
	
              “New A
      Shares”

            	
              means
      the new A shares
      to be issued by the Company to CEA Holding for its subscription pursuant
      to the Share Subscription Agreement entered into between the Company and
      CEA Holding on 10 July 2009.

               

            
	
              “Party” or “Parties”

            	
              has
      the meaning as defined in the introduction hereof.

               

            
	
              “PRC”

            	
              means
      the People’s Republic of China, and for the purpose of the Agreement,
      excluding Hong Kong Special Administrative Region, Macau Special
      Administrative Region and Taiwan region.

               

            
	
              “Renminbi” or “RMB”

            	
              means
      Renminbi, the lawful currency of the PRC.

               

               

            
	
              “Subscription
      Consideration”

            	
              means
      the total consideration for the subscription of New H Shares by CES
      Global ,
      the amount of which shall be the subscription price multiplied by the
      number of New H Shares subscribed pursuant to Article 2.1 of the
      Agreement.

               

            
	
              “Transaction” under the
      Agreement

            	
              means
      the issue of New H Shares by the Company to CES Global and the
      subscription thereof by CES Global pursuant to the terms and conditions of
      the Agreement.

               

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

      
        	
                1.2

              	
                Interpretations

              

      

       

    

    
      	
               
      

            	
              (a)

            	
              Unless
      otherwise stated, all the references to the sections, articles and
      paragraphs, lists or annexes herein are those in the
      Agreement.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      terms such as “including” and other equivalents do not represent any
      restriction and should be construed as “including but not limited
      to”.

            

    

    

    ARTICLE
2

    SUBSCRIPTION
OF SHARES

     

    
      	
              2.1

            	
              Subscription
      of Shares and Price

            

    

     

    
      	
               
      

            	
              (a)

            	
              Pursuant
      to the terms and conditions of the Agreement, the Company shall
      issue to CES Global, and CES Global shall subscribe for, not more than
      490,000,000 New H Shares of the Company. The
      maximum subscription number of shares shall be adjusted if there is any
      ex-rights or
      ex-dividend
      arrangement during the period from the pricing date to the issuance
      date.

            

    

     

    
      
        	
                 
      

              	
                (b)

              	
                Such
      New H Shares shall be subscribed for by CES Global at the price of not
      less than 90% of the average trading price for the H shares during the 20
      trading days prior to the pricing date of the Company (i.e. the
      announcement date of the resolution passed by the Board of Directors
      regarding the Transaction). The minimum subscription price of shares shall
      be adjusted if there is any ex-rights or ex-dividend arrangement
      during the period from the pricing date to the issuance
      date.

              
	 	 	 
	 	
                (c)

                 

              	
                Subject
      to the two preceding paragraphs hereof, the subscription price and the
      number of New H Shares subscribed shall be otherwise determined through
      negotiation by the Board of Directors of the Company and CES Global before
      the issuance.

              

      

    

     

    
      	
              2.2

            	
              Methods
      of Subscription and Payment

            
	 	 
	 	CES
      Global shall pay and deposit the Subscription Consideration
      into the account for which the Company shall have designated and
      given at least 5 business days’ prior written notice, within 5 business
      days after the Agreement has come into effect or such other date as the
      Parties may agree.

    

     

    
      	
              2.3

            	
              Completion
      of the Transaction

            
	 	 
	 	Subject
      to the payment of Subscription Consideration by CES Global to the Company
      according to Paragraph 2.2 above and receipt of the updated share register
      of the Company which demonstrates the capacity of CES Global as the
      shareholder of the Company, the Transaction under the Agreement shall be
      deemed as completed (“Completion of the
      Transaction”).

    

     

    ARTICLE
3

    COMMENCEMENT
AND TERMINATION OF

     THE
AGREEMENT

     

    
      	
              3.1

            	
              
                Commencement

              

            
	 	 
	 	The
      Parties have agreed that the Agreement will be established upon at least
      one copy of the Agreement signed by the authorized representatives of the
      Parties and affixed with that Party’s common seal, whether separately or
      jointly, and will take effect immediately after the following conditions
      are fully satisfied:

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              Obtaining
      the approvals by the shareholders of the Company by way of special
      resolutions at a general meeting and class meetings of holders of A shares
      and H shares for the issue of New H Shares and the approvals for
      amendments, where necessary, to the articles of association of the Company
      in respect thereof;

            

    

    

    
      	
               
      

            	
              (b)

            	
              Obtaining
      the waiver by the shareholders of the Company at a general meeting in
      relation to the requirement of a general offer by CEA Holding in accordance with
      the Administrative
      Measures in relation to the Acquisition of Listed Companies《上市公司收購管理辦法》or related
      regulations;

            

    

    

    
      	
               
      

            	
              (c)

            	
              Obtaining
      the waiver from CSRC in relation to the requirement of a general offer of
      the issue of New A Shares and New H Shares by CEA Holding (if
      necessary);

            

    

    

    
      
        	 	
                (d)

              	
                Obtaining
      the approval from CSRC for the issue of the New H Shares;
    and

              
	 	 	 
	
                 
      

              	
                (e)

              	
                Obtaining the approvals
      by
      the shareholders of the Company at a general meeting and class meetings of
      holders of A shares and H shares for the issue of New A Shares
      and the approval from
CSRC.

              

      

    

     

    
      	
              3.2

            	
              
                
                  Termination

                

              

            
	 	 
	 	The
      Parties have agreed that the Agreement shall automatically be terminated
      without prejudice to the effect of Paragraph 6.3 and Article 7 upon the
      happening of the followings:

    

     

    
      	
               
      

            	
              (a)

            	
              If
      the above conditions set out in Paragraph 3.1 hereof have not been fully
      satisfied within 12 months days from signing of the
      Agreement;

            

    

    

    
      	
               
      

            	
              (b)

            	
              CSRC
      has clearly, either in writing or in oral, replied that it will not grant
      the approval in respect of the formal application submitted by the Company
      to CSRC for the issue of New H Shares;
or

            

    

    

    
      	
               
      

            	
              (c)

            	
              CSRC
      has clearly, either in writing or in oral, replied that it will not grant
      the approval in respect of the formal application submitted by the Company
      to CSRC for the issue of New A
Shares.

            

    

     

    ARTICLE
4

    REPRESENTATIONS
AND WARRANTIES BY THE COMPANY

     

    
      	 	The
      Company hereby makes the following representations and warranties to CES
      Global:

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              4.1

            	
              Organization
      and Credit

            

    

     

    
      	
               
      

            	
              The
      Company, an airline company headquartered in the PRC, is established as a
      joint stock limited company under the laws of the PRC and has been legally
      existing since its incorporation.

            

    

    

    
      	
              4.2

            	
              Authorization
      and Validity

            

    

     

    
      	
               
      

            	
              Save
      as the conditions set out in sub-paragraph (a), Paragraph 3.1 yet to be
      satisfied, the Company has all power and authority necessary to sign the
      Agreement and perform its obligations thereunder. The execution, delivery
      and performance of the Agreement by the Company have been authorized by
      all necessary legal persons. The Agreement constitutes a legal, valid and
      binding obligation of the Company, and the performance of obligations
      hereunder by the Company shall be enforceable according to their
      terms.

            

    

    

    
      	
              4.3

            	
              No
      Conflict

            

    

     

    
      	
               
      

            	
              The
      execution and delivery of the Agreement, to which the Company is a party,
      and the performance of the obligations hereunder by the Company will not
      constitute any conflict with or breach of the following documents or
      result in termination or withdrawal of any obligation of any third party
      or expediting the exercise of any third party’s rights: (1) constitutional
      documents of the Company, (2) any agreement(s) or government approval(s)
      signed by or bound by the Company, or any agreement(s) or government
      approval(s) with any assets of the Company as its subject, or (3) any PRC
      laws applicable to the Company.

            

    

    

    
      	
              4.4

            	
              No
      Insolvency

            

    

     

    
      	
               
      

            	
              (a)

            	
              There
      is no request, decision or court judgments or rulings that require the
      Company to commence liquidation
process.

            

    

    

    
      	
               
      

            	
              (b)

            	
              There
      is neither circumstance under which the Company is unable to repay its
      debts nor orders or court judgments or rulings relating to its bankruptcy
      outstanding against the Company.

            

    

    

    
      	
              4.5

            	
              Legal
      Proceedings

            

    

     

    
      	
               
      

            	
              Save
      as those disclosed to CES Global, there is no pending legal proceedings
      that have already existed or may be raised as far as the Company is aware
      of, against the Company or having significant impact on its property,
      assets, rights, licences, operations, businesses or rights thereof, nor
      any events, circumstances or situations that may cause, directly or
      indirectly, the commencement of such legal proceedings or provide
      foundations therefor, except for those that separately or jointly would
      have no significant adverse impact on or would not cease, delay or
      otherwise intervene the Transaction
hereunder.

            

    

    

    
      	
              4.6

            	
              Genuiness
      of Disclosure

            

    

     

    
      	
               
      

            	
              As
      far as the Company is aware of, all information in written provided by the
      Company or its representatives to CES Global or its representatives is
      true and accurate in all material aspects. There is no omission of any
      important facts which are required to be included or explained therein,
      and it is not misleading taken into account the specific circumstances
      under which it was made.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    ARTICLE
5

    REPRESENTATIONS
AND WARRANTIES BY

    CES
GLOBAL

    

    
      	 	CES
      Global hereby makes the following representations and warranties to the
      Company:
	 	 
	
              5.1

            	
              Organization
      and Credit

            

    

     

    
      	
               
      

            	
              CES
      Global is a limited company that is established and exists in accordance
      with the laws of Hong Kong Special Administrative Region, and is in good
      credit standing.

            

    

    

    
      	
              5.2

            	
              Authorization
      and Validity

            

    

     

    
      	
               
      

            	
              CES
      Global has all power and authority necessary to sign the Agreement and
      perform its obligations hereunder. The execution, delivery and performance
      of the Agreement by CES Global have been officially authorized by all
      necessary competent authorities. The Agreement constitutes a legal, valid
      and binding obligation of CES Global, and the performance of obligations
      hereunder by CES Global shall be enforceable according to their
      terms.

            

    

    

    
      	
              5.3

            	
              No
      Conflict

            

    

     

    
      	
               
      

            	
              The
      execution and delivery of the Agreement and the performance of the
      obligations hereunder by CES Global will not constitute any conflict with
      or breach of the following documents or result in termination or
      withdrawal of any obligation of any third party or expediting the exercise
      of any third party’s rights: (1) constitutional documents of CES Global,
      (2) any agreement(s) or government approval(s) signed by or bound by CES
      Global, or any agreement(s) or government approval(s) with any assets of
      CES Global as its subject, or (3) any Hong Kong laws applicable to CES
      Global.

            

    

    

    
      	
              5.4

            	
              Sufficient
      Funds

            

    

     

    
      	
               
      

            	
              CES
      Global has sufficient financial resources to fulfill its payment
      obligations in respect of the subscription of New H Shares provided under
      Paragraphs 2.1 and 2.2 of the
Agreement.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              5.5

            	
              Genuiness
      of Disclosure

            

    

     

    
      	
               
      

            	
              As
      far as CES Global is aware of, all information in written provided by CES
      Global or its representatives to the Company or its representatives is
      true and accurate in all material aspects. There is no omission of any
      important facts which are required to be included or explained therein,
      and it is not misleading taken into account the specific circumstances
      under which it was made.

            

    

    

    ARTICLE
6

    FURTHER
UNDERTAKINGS

     

    
      	6.1	Further
      Undertakings by the Company
	 	 
	 	The
      Company undertakes that it will get prepared as soon as possible for (i)
      appointing a professional institution(s) to conduct capital verification
      on the Subscription Consideration payable by CES Global; (ii) submitting
      an application and other necessary documents, including the capital
      verification report and amended articles of association as required by the
      PRC laws, to Shanghai Administration so as to register for the increased
      registered capital and obtain the renewed business license; (iii)
      submitting an application and other necessary documents as required by the
      relevant regulations for approval of listing of New H Shares from the
      Listing Committee of Hong Kong Stock Exchange; (iv) applying for
      modifications of any relevant necessary certificates and licenses from the
      taxation, customs, commerce and other relevant authorities; and (v)
      conducting or ensuring to conduct all necessary further activities and
      matters, and execute all further documents, contracts or enter into
      further agreements to assure the performance of the obligations under the
      Agreement upon Completion of the Transaction.
	 	 
	
              6.2

            	
              Further
      Undertakings by CES Global

            
	 	 
	 	CES
      Global undertakes that it will conduct
      or ensure to conduct all necessary further activities and matters, and
      execute all further documents, contracts or enter into further agreements
      to assure the
      performance of the obligations under the Agreement upon Completion of the
      Transaction.

    

     

    
      	
              6.3

            	
              Charges

            

    

     

    
      	
               
      

            	
              Whether
      the Transaction under the Agreement is completed or not, all the relevant
      expenses and charges arising in respect of it, including the relevant
      legal, accounting and investment bank fees, and other charges payable to
      the consultants or advisers shall be borne by the Party so incurred. Each
      of the Parties of the Agreement shall respectively be responsible for all
      of its relevant taxes incurred in respect of the Transaction under the
      Agreement.

            

    

     

    ARTICLE
7

    CONFIDENTIALITY
AND MAKING PUBLIC

     

    
      	7.1	Confidentiality
	 	 
	
               
      

            	
              Each
      of the Parties shall procure its agents, employees and representatives
      (“Representatives”) to
      treat the other Party's Confidential Information as strictly confidential,
      and shall not disclose the following Confidential Information (including
      but not limited to the forms such as interviews, responses to queries or
      investigations, press releases or otherwise) without specific written
      consent from the disclosing Party. In the Agreement, “Confidential
      Information” refers to the terms of the Agreement and other formal
      agreements, and any information disclosed by the Party or its
      representatives regarding the Party's business, future plan, financial
      position, expectations and clients etc.; Confidential Information
      particularly includes the existence of the Agreement and other formal
      agreements and their contents, the transaction(s) contemplated under the
      Agreement and the negotiations between the Parties in respect of it;
      Confidential Information excludes (a) information that is already obtained
      by the recipient when disclosed by the disclosing Party, (b) information
      accessible by the public of which the access can not be attributable to
      the disclosing Party’s misconducts, (c) information that is obtained by
      the recipient properly through a third party, or (d) information that is
      independently and solely explored by the
  recipient.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              7.2

            	
              Making
      Public

            

    

    

    
      	
               
      

            	
              Under
      the principle of compliance with the provisions of laws, or the rules and
      regulations of any stock exchange on which securities of either Party or
      any of its Related Party are listed and traded, either Party shall not
      make or allow any of their Related Parties to make any press release,
      public statement or other public disclosure in relation to the Transaction
      under the Agreement or the Agreement without prior notice to, negotiation
      with and consent by the other
Party.

            

    

    

    ARTICLE
8

    RESPONSIBILITIES
FOR BREACH OF

    THE
AGREEMENT

    

    
      	
               
      

            	
              Any
      Party who breaches the Agreement shall assume liabilities in accordance
      with the relevant laws. Except as otherwise required by the Agreement or
      laws, any Party of the Agreement who fails to perform its obligations
      hereunder or whose performance of its obligations constitutes a breach of
      provisions of the Agreement, the Party complying with the Agreement shall
      be entitled to require the defaulting Party to continue to perform its
      obligations or implement measures to remedy the contraventions, as well as
      to require the defaulting Party to compensate the actual loss arisen from
      it.

            

    

    

    ARTICLE
9

    SETTLEMENT
OF DISPUTES

    

    
      	
              9.1

            	
              Any
      dispute to the effect, interpretation or performance of the Agreement
      between the Parties shall in the first instance be settled through
      negotiation in a friendly manner. If it fails to settle the dispute
      through negotiation within thirty (30) days from the date the dispute
      arises, any Party is entitled to apply to the China International
      Economic and Trade Arbitration Commission, Shanghai Commission for
      arbitration of the dispute based on the arbitration rules of the
      commission then in force pursuant to the Agreement. The arbitration award
      shall be final and binding on the
  Parties.

            

    

    

    
      	
              9.2

            	
              Save
      as the provisions relating to disputes hereunder, the Agreement shall
      continue to be performed by the Parties in the same manner during the
      settlement of disputes.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    ARTICLE
10

    MISCELLANEOUS

    

    
      	
              10.1

            	
              Notice

            

    

     

    
      	
               
      

            	
              In
      order to be deemed as duly received, any or all notices, requests,
      demands, approvals and other communications required by or related to the
      Agreement shall be in writing and served by one or more of the following
      ways: (a) if sent by hand, deemed to be served on the date of receipt; (b)
      if sent by fax, deemed to be served on the date of confirmation of receipt
      of the transmission; or (c) if sent by International Express, deemed to be
      served on the 4th business day from the date of posting (i.e. the postmark
      date). All these notices, requests, demands, approvals and other
      communications shall be delivered to the following addresses or such other
      address or fax number indicated by the Party in
  writing.

            

    

     

    
      	 	
              To the
      Company:

              Address:

              Postal Code:

              Tel:

              Fax:

            	
               

              2550
      Hongqiao Road, Shanghai

              200335

              021
      2233 0920

              021
      6268 6116

            
	 	 	 
	 	
              To
      CES Global:

              Address:

              Postal
      Code:

              Tel:

              Fax:

            	
               

              2550
      Hongqiao Road, Shanghai

              200335

              021 2233 4170

              021 6268 3873

            

    

     

    
      	
              10.2

            	
              Governing
      Law

            
	 	 
	 	The
      Agreement shall be governed by and construed and performed in accordance
      with the PRC laws.

    

    

    
      	
              10.3

            	
              Divisibility

            
	 	 
	 	All
      the provisions of the Agreement shall be deemed divisible, and any invalid
      or unenforceable provision shall not have impact on the validity or
      enforceability of other provisions hereof. Where any provisions or the
      provisions applicable to any person or any situation are invalid or
      unenforceable, (a) the Parties shall try their best to negotiate to
      establish appropriate and fair terms instead of those invalid or
      unenforceable, so as to accomplish the intent and purpose thereof; and (b)
      other provisions under the Agreement and the effect of those provisions
      applicable to other persons, entities or situation shall not be prejudiced
      by such invalidity or unenforceability. In such circumstances, the Party
      who fails to perform its obligations due to the invalidity or
      unenforceability of the provisions shall not be deemed to be in breach of
      the Agreement or shall not assume the responsibilities for the loss of the
      other Party.

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              10.4

            	
              Amendments

            
	 	 
	 	The
      Agreement shall only be amended or revised by a written document signed by
      each Party.

    

    

    
      	
              10.5

            	
              Waiver

            
	 	 
	 	Any
      Party who waives the responsibility of the other Party for breach of any
      obligations or duties hereunder shall give and sign a written statement,
      and this waiver shall not be deemed as a waiver from any other future
      default responsibilities of the other Party under the
  Agreement.

    

     

    
      	
              10.6

            	
              The
      Integral Agreement

            
	 	 
	 	The
      Agreement constitutes all the agreements and understandings between the
      Parties in respect of the underlying matters hereof, and supersedes all
      the previous written and oral agreements in respect thereof between the
      Parties and all other previous
communications.

    

    

    
      	
              10.7

            	
              Copies

            
	 	 
	 	The
      Agreement shall have ten (10) copies in duplication and each Party holds
      one. The remaining copies shall be submitted to the relevant authorities
      for approval and filing. Each copy shall have the same
  effect.

    

    

    In view of the above, the
Agreement shall be signed by the Parties as of the date shown at the beginning
hereof and be established on the date of signing.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    [No text
in this page]

    

    
      
        	 	
                China Eastern Airlines
      Corporation Limited

                 

                (Seal to be affixed)

              	 
	 	 	 	 
	
                 

              	
                Signature:

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

     

    
      	 	
              CES Global Holdings (Hong Kong)
      Limited

               

              (Seal to be affixed)

            	 
	 	 	 	 
	
               

            	
              Signature:

            	 	 
	 	Name:	 	 
	 	Title:Unassociated Document

    Exhibit 4.20

    

    

    

    

    

    

    Share Subscription
Agreement

    

    

    Between

    

    China
Eastern Airlines Corporation Limited

    

    and

    

    China
Eastern Air Holding Company

    

    
      
        

      

    

     

    In
relation to the subscribtion of non-public A
shares issued by 

    China
Eastern Airlines Corporation
Limited

    

    
      
        

      

    

     

    10 July
2009

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    CONTENT

     

    
      
        	
                ARTICLE
      1

              	
                DEFINITIONS

              	
                1

              
	 	 	 
	
                1.1

              	
                Definitions

              	
                1

              
	
                1.2

              	
                Interpretations

              	
                3

              
	 	 	 
	
                ARTICLE
      2

              	
                SUBSCRIPTION
      OF SHARES

              	
                3

              
	 	 	 
	
                2.1

              	
                Subscription
      of Shares and Price

              	
                3

              
	
                2.2

              	
                Methods
      of Subscription and Payment

              	
                3

              
	
                2.3

              	
                Completion
      of the Transaction

              	
                3

              
	 	 	 
	
                ARTICLE
      3

              	
                COMMENCEMENT
      AND TERMINATION OF THE AGREEMENT

              	
                3

              
	 	 	 
	
                3.1

              	
                Commencement

              	
                3

              
	
                3.2

              	
                Termination

              	
                4

              
	 	 	 
	
                ARTICLE
      4

              	
                REPRESENTATIONS
      AND WARRANTIES BY THE COMPANY

              	
                4

              
	 	 	 
	
                4.1

              	
                Organization
      and Credit

              	
                5

              
	
                4.2

              	
                Authorization
      and Validity

              	
                5

              
	
                4.3

              	
                No
      Conflict

              	
                5

              
	
                4.4

              	
                No
      Insolvency

              	
                5

              
	
                4.5

              	
                Legal
      Proceedings

              	
                5

              
	
                4.6

              	
                Genuiness
      of Disclosure

              	
                5

              
	 	 	 
	
                ARTICLE
      5

              	
                REPRESENTATIONS
      AND WARRANTIES BY CEA HOLDING

              	
                6

              
	 	 	 
	
                5.1

              	
                Organization
      and Credit

              	
                6

              
	
                5.2

              	
                Authorization
      and Validity

              	
                6

              
	
                5.3

              	
                No
      Conflict

              	
                6

              
	
                5.4

              	
                Sufficient
      Funds

              	
                6

              
	
                5.5

              	
                Restrictions
      on Transfer

              	
                6

              
	
                5.6

              	
                Genuiness
      of Disclosure

              	
                7

              
	 	 	 
	
                ARTICLE
      6

              	
                FURTHER
      UNDERTAKINGS

              	
                7

              
	 	 	 
	
                6.1

              	
                Further
      Undertakings by the Company

              	
                7

              
	
                6.2

              	
                Further
      Undertakings by CEA Holding

              	
                7

              
	
                6.3

              	
                Charges

              	
                7

              
	 	 	 
	
                ARTICLE
      7

              	
                CONFIDENTIALITY
      AND MAKING PUBLIC

              	
                7

              
	 	 	 
	
                7.1

              	
                Confidentiality

              	
                7

              
	
                7.2

              	
                Making
      Public

              	
                8

              
	 	 	 
	
                ARTICLE
      8

              	
                RESPONSIBILITIES
      FOR BREACH OF THE AGREEMENT

              	
                8

              
	 	 	 
	
                ARTICLE
      9

              	
                SETTLEMENT
      OF DISPUTES

              	
                8

              
	 	 	 
	
                ARTICLE
      10

              	
                MISCELLANEOUS

              	
                9

              
	 	 	 
	
                10.1

              	
                Notice

              	
                9

              
	
                10.2

              	
                Governing
      Law

              	
                9

              
	
                10.3

              	
                Divisibility

              	
                9

              
	
                10.4

              	
                Amendments

              	
                10

              
	
                10.5

              	
                Waiver

              	
                10

              
	
                10.6

              	
                The
      Integral Agreement

              	
                10

              
	
                10.7

              	
                Copies

              	
                10

              

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    This
share subscription agreement (the “Agreement”) was made as of
this 10th day of
July 2009 in Shanghai by and between:

     

    China
Eastern Airlines Corporation Limited, a joint stock limited company incorporated
and existing under the PRC laws, whose A shares, H shares and American
Depositary Receipts (“ADR”) are listed on the Shanghai Stock Exchange (“SHSE”), the Stock Exchange of
Hong Kong Limited (“Hong
Kong Stock Exchange”) and the New York Stock Exchange, Inc. respectively,
with its registered office at 66 Airport Street, Pudong International Airport,
Shanghai, China , postal code:201202 (the “Company”); and

     

    China
Eastern Air Holding Company, a wholly PRC state-owned enterprise incorporated
and existing under the PRC laws and the controlling shareholder of the Company,
with its registered office at 2550 Hongqiao Road, Shanghai (“CEA Holding”).

     

    Each of
the Company and CEA Holding is hereinafter referred to as the “Party” and together as the
“Parties”.

     

    Whereas:

     

    (1) the
Company is a joint stock limited company established in the PRC, whose H shares,
A shares and ADRs are listed on the Hong Kong Stock Exchange, SHSE and the New
York Stock Exchange, Inc. respectively;

     

    (2) As
the controlling shareholder of the Company, CEA Holding has agreed to subscribe
for not more than 490,000,000 A Shares of the Company pursuant to the terms and
conditions of the Agreement;

     

    Based on
the principle of equality, willingness and mutual cooperation, the Parties
hereby enter into and sign an agreement as follows:

     

    ARTICLE
1

    DEFINITIONS

    
       

      
        	
                1.1

              	
                Definitions

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

      

       

    

    
      
        	
                “Related
      Party”

              	
                For
      any party herein, means any other person who controls it, or is controlled
      by or under the common control together with it, whether directly or
      indirectly through one or more intermediaries.

                 

              

      

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              “CEA
    Holding”

            	
              means
      中國東方航空集團公司(China
      Eastern Air Holding Company).

               

            
	
              “CES
    Global”

            	
              means
      東航國際控股(香港)有限公司(CES
      Global Holdings (Hong Kong) Limited).

               

            
	
              “Hong Kong Stock
      Exchange”

            	
              means
      The Stock Exchange of Hong Kong Limited.

               

               

            
	
              “CSRC”

            	
              means
      the China Securities Regulatory Commission.

               

            
	
              “Shanghai
      Administration”

            	
              means
      the Administration for Industry and Commerce of Shanghai.

               

            
	
              “SHSE”

            	
              means
      the Shanghai Stock Exchange.

               

            
	
              “Company”

            	
              means
      中國東方航空股份有限公司(China
      Eastern Airlines Corporation Limited).

               

            
	
              “Completion of the
      Transaction”

            	
              has
      the meaning as defined in Paragraph 2.3 hereof.

               

               

            
	
              “Confidential
      Information”

            	
              has
      the meaning as defined in Paragraph 7.1 hereof.

               

               

            
	
              “New A
      Shares”

            	
              means the
      A shares to be issued by the Company to CEA Holding for its subscription
      pursuant to the terms and conditions of the Agreement.

               

            
	
              “New H
      Shares”

            	
              means the
      H shares to be issued by the Company to CES Global for its subscription
      pursuant to the Share Subscription Agreement entered into between the
      Company and CES Global on 10 July 2009.

               

            
	
              “Party” or “Parties”

            	
              has
      the meaning as defined in the introduction hereof.

               

            
	
              “PRC”

            	
              means
      the People’s Republic of China, and for the purpose of the Agreement,
      excluding Hong Kong Special Administrative Region, Macau Special
      Administrative Region and Taiwan region.

               

            
	
              “Renminbi” or “RMB”

            	
              means
      Renminbi, the lawful currency of the PRC.

               

               

            
	
              “Subscription
      Consideration”

            	
              means
      the total consideration for the subscription of New A Shares by CEA
      Holding.

               

            
	
              “Transaction” under the
      Agreement

            	
              means
      the issue of New A Shares by the Company to CEA Holding and the
      subscription thereof by CEA Holding pursuant to the terms and conditions
      of the Agreement.

               

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      
        	
                1.2

              	
                Interpretations

              

      

       

    

    
      	
              (a)  

            	
              Unless
      otherwise stated, all the references to the sections, articles and
      paragraphs, lists or annexes herein are those in the
      Agreement.

            

    

    

    
      	
              (b)  

            	
              The
      terms such as “including” and other equivalents do not represent any
      restriction and should be construed as “including but not limited
      to”.

            

    

    

    ARTICLE
2

    SUBSCRIPTION
OF SHARES

     

    
      	
              2.1

            	
              Subscription
      of Shares and Price

            

    

     

    
      	
              (a)  

            	
              Pursuant
      to the terms and conditions of the Agreement, the Company shall
      issue to CEA Holding, and CEA Holding shall subscribe for, not more than
      490,000,000 New A Shares of the Company. The
      maximum subscription number of shares shall be adjusted if there is any
      ex-rights or
      ex-dividend
      arrangement during the period from the pricing date to the issuance
      date.

            

    

    

    
      	
              (b) 

            	
              Such
      New A Shares shall be subscribed for by CEA Holding at the price of not
      less than 90% of the average trading price for the A shares during the 20
      trading days prior to the pricing date of the Company (i.e. the
      announcement date of the resolution passed by the Board of Directors
      regarding the Transaction). The minimum subscription price of shares shall
      be adjusted if there is any ex-rights or ex-dividend arrangement
      during the period from the pricing date to the issuance date, however, the
      final issue price shall, according to the subscription price quoted by the
      specific investors and the principle of price priority, be determined
      after obtaining the approval by the CSRC through negotiation by the Board
      of Directors of the Company and the sponsor (the lead underwriter)
      pursuant to the authorization by the general meeting of shareholders and
      relevant laws, rules and regulations, other regulatory documents and the
      market situation.

            
	 	 
	(c) 	
              CEA
      Holding shall not take part in the auction process, and shall accept the
      bookbuilding result. The subscription price shall be the same as the price
      subscribed at by other specific investors. The number of shares subscribed
      shall be determined through negotiation by the Board of Directors of the
      Company and the sponsor (the lead underwriter) according to the
      subscription situation.

            

    

     

    
       

      
        	
                2.2

              	
                Methods
      of Subscription and Payment

              
	 	 
	 	CEA
      Holding shall deposit the Subscription Consideration into the sponsor’s
      designated account opened for the sole purpose of this share issue within
      5 Business Days upon after the Agreement has come into effect or such
      other date as the Parties may agree. The deposited amount, upon
      verification, shall be transferred to the special savings account
      designated by the Company for fund-raising after deduction of relevant
      expenses.

      

      
         

        
          	
                  2.3

                	
                  
                    Completion
      of the Transaction

                  

                
	 	 
	 	Subject
      to the payment of Subscription Consideration by CEA Holding to the Company
      according to Paragraph 2.2 above and the issuance of a written
      confirmation by China Securities Depository and Clearing Corporation
      Limited, Shanghai Branch in respect of the registration of New A
      Shares, the Transaction under the Agreement shall be deemed as completed
      (“Completion of the
      Transaction”).

        

      

    

     

    ARTICLE
3

    COMMENCEMENT AND TERMINATION
OF

    THE
AGREEMENT

     

    
      	
              3.1

            	
              
                
                  Commencement

                

              

            
	 	 
	 	The
      Parties have agreed that the Agreement will be established upon at least
      one copy of the Agreement signed by the authorized representatives of the
      Parties and affixed with that Party’s common seal, whether separately or
      jointly, and will take effect immediately after the following conditions
      are fully satisfied:

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              (a)  

            	
              obtaining
      the approvals by the shareholders of the Company by way of special
      resolutions at a general meeting and class meetings of holders of A shares
      and H shares for the issue of New A Shares respectively and the approvals
      for amendments, where necessary, to the articles of association of the
      Company in respect thereof;

            

    

    

    
    

    
      	
              (b)  

            	
              Obtaining
      the waiver by the shareholders of the Company at a general meeting in
      relation to the requirement of a general offer by CEA Holding in accordance with
      the Administrative Measures in relation to the Acquisition of the Listed
      Companies《上市公司收購管理辦法》or related
      regulations;

            

    

    

    
      	
              (c)  

            	
              Obtaining
      the waiver from CSRC in relation to the requirement of a general offer of
      the issue of New A Shares and New H Shares by
      CEA Holding (if necessary);

            
	 	 
	
              (d)  

            	
              Obtaining
      the approval from CSRC for the issue of the New A Shares;
    and

            

    

    

    
      	
              (e)  

            	
              Obtaining
      the approvals by
      the shareholders of the Company at a general meeting and class meetings of
      holders of A shares and H shares for
      the issue of New H Shares and the approval from
      CSRC.

            

    

     

    
      	
              3.2

            	
              
                
                  
                    Termination

                  

                

              

            
	 	 
	 	The
      Parties have agreed that the Agreement shall automatically be terminated
      without prejudice to the effect of Paragraph 6.3 and Article 7 upon the
      happening of the followings:

    

     

    
      	
              (a)  

            	
              If
      the above conditions set out in Paragraph 3.1 hereof have not been fully
      satisfied within 12 months from signing of the
  Agreement;

            

    

    

    
      	
              (b)  

            	
              CSRC
      has clearly, either in writing or in oral, replied that it will not grant
      the approval in respect of the formal application submitted by the Company
      to CSRC for the issue of New A Shares;
or

            

    

    

    
      	
              (c)  

            	
              CSRC
      has clearly, either in writing or in oral, replied that it will not grant
      the approval in respect of the formal application submitted by the Company
      to CSRC for the issue of New H
Shares.

            

    

     

    ARTICLE
4

    REPRESENTATIONS
AND WARRANTIES BY THE COMPANY

     

    
      	 	The
      Company hereby makes the following representations and warranties to CEA
      Holding:

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              4.1

            	
              
                
                  
                    
                      Organization
      and Credit

                    

                  

                

              

            
	 	 
	 	
              The
      Company, an airline company headquartered in the PRC, is established as a
      joint stock limited company under the laws of the PRC and has been legally
      existing since its
incorporation.

            

    
      	
              4.2

            	
              
                
                  
                    
                      
                        Authorization
      and Validity

                      

                    

                  

                

              

            
	 	 
	 	
              
                Save
      as the conditions set out in sub-paragraph (a), Paragraph 3.1 yet to be
      satisfied, the Company has all power and authority necessary to sign the
      Agreement and perform its obligations there under. The execution, delivery
      and performance of the Agreement by the Company have been authorized by
      all necessary legal persons. The Agreement constitutes a legal, valid and
      binding obligation of the Company, and the performance of obligations
      hereunder by the Company shall be enforceable according to their
      terms.

              

            

    

     

    
      	
              4.3

            	
              
                
                  
                    
                      
                        
                          No
      Conflict

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  The
      execution and delivery of the Agreement, to which the Company is a party,
      and the performance of the obligations hereunder by the Company will not
      constitute any conflict with or breach of the following documents or
      result in termination or withdrawal of any obligation of any third party
      or expediting the exercise of any third party’s rights: (i) constitutional
      documents of the Company, (ii) any agreement(s) or government approval(s)
      signed by or bound by the Company, or any agreement(s) or government
      approval(s) with any assets of the Company as its subject, or (iii) any
      PRC laws applicable to the
Company.

                

              

            

    

     

    
      	
              4.4

            	
              
                
                  
                    
                      
                        
                          
                            No
      Insolvency

                          

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  The
      execution and delivery of the Agreement, to which the Company is a party,
      and the performance of the obligations hereunder by the Company will not
      constitute any conflict with or breach of the following documents or
      result in termination or withdrawal of any obligation of any third party
      or expediting the exercise of any third party’s rights: (i) constitutional
      documents of the Company, (ii) any agreement(s) or government approval(s)
      signed by or bound by the Company, or any agreement(s) or government
      approval(s) with any assets of the Company as its subject, or (iii) any
      PRC laws applicable to the
Company.

                

              

            

    

     

    
      	
              (a)  

            	
              There
      is no request, decision or court judgments or rulings that require the
      Company to commence liquidation
process.

            

    

    

    
      	
              (b)  

            	
              There
      is neither circumstance under which the Company is unable to repay its
      debts nor orders or court judgments or rulings relating to its bankruptcy
      outstanding against the Company.

            

    

     

    
      	
              4.5

            	
              
                
                  
                    
                      
                        
                          
                            Legal
      Proceedings

                          

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  
                    Save
      as those disclosed to CEA Holding, there is no pending legal proceedings
      that have already existed or may be raised as far as the Company is aware
      of, against the Company or having significant impact on its property,
      assets, rights, licences, operations, businesses or rights thereof, nor
      any events, circumstances or situations that may cause, directly or
      indirectly, the commencement of such legal proceedings or provide
      foundations therefor, except for those that separately or jointly would
      have no significant adverse impact on or would not cease, delay or
      otherwise intervene the Transaction
      hereunder.

                  

                

              

            

    

     

    
      	
              4.6

            	
              
                
                  
                    
                      
                        
                          
                            
                              Genuiness
      of
    Disclosure

                            

                          

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  
                    
                      As
      far as the Company is aware of, all information in written provided by the
      Company or its representatives to CEA Holding or its representatives is
      true and accurate in all material aspects. There is no omission of any
      important facts which are required to be included or explained therein,
      and it is not misleading taken into account the specific circumstances
      under which it was
made.

                    

                  

                

              

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    ARTICLE
5

    REPRESENTATIONS
AND WARRANTIES BY

    CEA
HOLDING

    

    
      	 	CEA
      Holding hereby makes the following representations and warranties to the
      Company:
	 	 
	
              5.1  

            	
              Organization
      and Credit

            

    

     

    
      	
               
      

            	
              CEA
      Holding is a legal entity that is established and exists in accordance
      with the PRC laws, and is in good credit standing. CEA Holding is entitled
      to engage in its businesses in accordance with the PRC
    laws.

            

    

    

    
      	
              5.2  

            	
              Authorization
      and Validity

            

    

     

    
      	
               
      

            	
              CEA
      Holding has all power and authority necessary to sign the Agreement and
      perform its obligations hereunder. The execution, delivery and performance
      of the Agreement by CEA Holding have been officially authorized by all
      necessary competent authorities. The Agreement constitutes a legal, valid
      and binding obligation of CEA Holding, and the performance of obligations
      hereunder by CEA Holding shall be enforceable according to their
      terms.

            

    

    

    
      	
              5.3  

            	
              No
      Conflict

            

    

     

    
      	
               
      

            	
              The
      execution and delivery of the Agreement and the performance of the
      obligations hereunder by CEA Holding will not constitute any conflict with
      or breach of the following documents or result in termination or
      withdrawal of any obligation of any third party or expediting the exercise
      of any third party’s rights: (i) constitutional documents of CEA Holding,
      (ii) any agreement(s) or government approval(s) signed by or bound by CEA
      Holding, or any agreement(s) or government approval(s) with any assets of
      CEA Holding as its subject, or (iii) any PRC laws applicable to CEA
      Holding.

            

    

    

    
      	
              5.4  

            	
              Sufficient
      Funds

            

    

     

    
      	
               
      

            	
              CEA
      Holding has sufficient financial resources to fulfill its payment
      obligations in respect of the subscription of New A Shares provided under
      Paragraphs 2.1 and 2.2 of the
Agreement.

            

    

    

    
      	
              5.5  

            	
              Restrictions
      on Transfer

            

    

     

    
      	
               
      

            	
              CEA
      Holding confirmed and agreed that it will not transfer any of the New A
      Shares it would obtain within 36 months from the date of Completion of the
      Transaction.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              5.6  

            	
              Genuiness
      of Disclosure

            

    

     

    
      	
               
      

            	
              As
      far as CEA Holding is aware of, all information in written provided by CEA
      Holding or its representatives to the Company or its representatives is
      true and accurate in all material aspects. There is no omission of any
      important facts which are required to be included or explained therein,
      and it is not misleading taken into account the specific circumstances
      under which it was made.

            

    

    

    ARTICLE
6

    FURTHER
UNDERTAKINGS

     

    
      	
              6.1

            	
              
                
                  
                    
                      
                        
                          
                            
                              Further
      Undertakings by the
      Company

                            

                          

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  
                    
                      The
      Company undertakes that it will get prepared as soon as possible for (i)
      appointing a professional institution(s) to conduct capital verification
      on the Subscription Consideration payable by CEA Holding; (ii) submitting
      an application and other necessary documents, including the capital
      verification report and amended articles of association as required by the
      PRC laws, to Shanghai Administration so as to register for the increased
      registered capital and obtain the renewed business license; (iii)
      submitting an application and other necessary documents as required by the
      relevant regulations for approval of listing of New A Shares from SHSE;
      (iv) applying for modifications of any relevant necessary certificates and
      licenses from the taxation, customs, commerce and other relevant
      authorities; and (v) conducting or ensuring to conduct all necessary
      further activities and matters, and execute all further documents,
      contracts or enter into further agreements to assure the performance of
      the obligations under the Agreement upon Completion of the
      Transaction.

                    

                  

                

              

            

    

     

    
      	
              6.2

            	
              
                
                  
                    
                      
                        
                          
                            
                              
                                Further
      Undertakings by CEA
      Holding

                              

                            

                          

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  
                    
                      CEA
      Holding undertakes that it will conduct or ensure to conduct all necessary
      further activities and matters, and execute all further documents,
      contracts or enter into further agreements to assure the
      performance of the obligations under the Agreement upon Completion of the
      Transaction.

                    

                  

                

              

            

    

    

    
      	
              6.3

            	
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  Charges

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            
	 	 
	 	
              
                
                  
                    
                      
                        Whether
      the Transaction under the Agreement is completed or not, all the relevant
      expenses and charges arising in respect of it, including the relevant
      legal, accounting and investment bank fees, and other charges payable to
      the consultants or advisers shall be borne by the Party so incurred. Each
      of the Parties of the Agreement shall respectively be responsible for all
      of its relevant taxes incurred in respect of the Transaction under the
      Agreement.

                      

                    

                  

                

              

            

    

     

    ARTICLE
7

    CONFIDENTIALITY
AND MAKING PUBLIC

     

    
      	7.1	Confidentiality
	 	 
	
               
      

            	
              Each
      of the Parties shall procure its agents, employees and representatives
      (“Representatives”) to treat the other Party's Confidential Information as
      strictly confidential, and shall not disclose the following Confidential
      Information (including but not limited to the forms such as interviews,
      responses to queries or investigations, press releases or otherwise)
      without specific written consent from the disclosing Party. In the
      Agreement, “Confidential Information” refers to the terms of the Agreement
      and other formal agreements, and any information disclosed by the Party or
      its representatives regarding the Party's business, future plan, financial
      position, expectations and clients etc.; Confidential Information
      particularly includes the existence of the Agreement and other formal
      agreements and their contents, the transaction contemplated under the
      Agreement and the negotiations between the Parties in respect of it;
      Confidential Information excludes (a) information that is already obtained
      by the recipient when disclosed by the disclosing Party, (b) information
      accessible by the public of which the access can not be attributable to
      the disclosing Party’s misconducts,
      (c) information that is obtained by the recipient properly through a third
      party, or (d) information that is independently and solely explored by the
      recipient.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	7.2	
              Making
      Public

            
	 	 
	
               
      

            	
              Under
      the principle of compliance with the provisions of laws, or the rules and
      regulations of any stock exchange on which securities of either Party or
      any of its Related Party are listed and traded, either Party shall not
      make or allow any of their Related Parties to make any press release,
      public statement or other public disclosure in relation to the Transaction
      under the Agreement or the Agreement without prior notice to, negotiation
      with and consent by the other
Party.

            

    

    

    ARTICLE 8

    RESPONSIBILITIES FOR BREACH
OF THE AGREEMENT

    

    
      	
               
      

            	
              Any
      Party who breaches the Agreement shall assume liabilities in accordance
      with the relevant laws. Except as otherwise required by this Agreement or
      laws, any Party of the Agreement who fails to perform its obligations
      hereunder or whose performance of its obligations constitutes a breach of
      provisions of the Agreement, the Party complying with the Agreement shall
      be entitled to require the defaulting Party to continue to perform its
      obligations or implement measures to remedy the contraventions, as well as
      to require the defaulting Party to compensate the actual loss arisen from
      it.

            

    

    

    ARTICLE
9

    SETTLEMENT
OF DISPUTES

    

    
      	
              9.1  

            	
              Any
      dispute to the effect, interpretation or performance of the Agreement
      between the Parties shall in the first instance be settled through
      negotiation in a friendly manner. If it fails to settle the dispute
      through negotiation within thirty (30) days from the date the dispute
      arises, any Party is entitled to apply to the China International
      Economic and Trade Arbitration Commission, Shanghai Commission for
      arbitration of the dispute based on the arbitration rules of the
      commission then in force pursuant to the Agreement. The arbitration award
      shall be final and binding on the
  Parties.

            

    

    

    
      	
              9.2  

            	
              Save
      as the provisions relating to disputes hereunder, the Agreement shall
      continue to be performed by the Parties as before during the settlement of
      disputes.

            

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    ARTICLE
10

    MISCELLANEOUS

    

    
      	
              10.1  

            	
              Notice

            

    

     

    
      	
               
      

            	
              In
      order to be deemed as duly received, any or all notices, requests,
      demands, approvals and other communications required by or related to the
      Agreement shall be in writing and served by one or more of the following
      ways: (a) if sent by hand, deemed to be served on the date of receipt; (b)
      if sent by fax, deemed to be served on the date of confirmation of receipt
      of the transmission; or (c) if sent by International Express, deemed to be
      served on the 4th business day from the date of posting (i.e. the postmark
      date). All these notices, requests, demands, approvals and other
      communications shall be delivered to the following addresses or such other
      address or fax number indicated by the Party in
  writing.

            

    

     

    
      
        	 	
                To the
      Company:

                Address:

                Postal Code:

                Tel:

                Fax:

              	
                 

                2550
      Hongqiao Road, Shanghai

                200335

                021 2233
      0920

                021
      6268 6116

              
	 	 	 
	 	
                To
      CEA Holding:

                Address:

                Postal
      Code:

                Tel:

                Fax:

              	
                 

                2550
      Hongqiao Road, Shanghai

                200335

                021 2233 4170

                021 6268 3873

              

      

       

    

    
      	
              10.2  

            	
              Governing
      Law

            
	 	 
	 	The
      Agreement shall be governed by and construed and performed in accordance
      with the PRC laws.

    

     

    
      	
              10.3  

            	
              Divisibility

            
	 	 
	 	All
      the provisions of the Agreement shall be deemed divisible, and any invalid
      or unenforceable provision shall not have impact on the validity or
      enforceability of other provisions hereof. Where any provisions or the
      provisions applicable to any person or any situation are invalid or
      unenforceable, (a) the Parties shall try their best to negotiate to
      establish appropriate and fair terms instead of those invalid or
      unenforceable, so as to accomplish the intent and purpose thereof; and (b)
      other provisions under the Agreement and the effect of those provisions
      applicable to other persons, entities or situation shall not be prejudiced
      by such invalidity or unenforceability. In such circumstances, the Party
      who fails to perform its obligations due to the invalidity or
      unenforceability of the provisions shall not be deemed to be in breach of
      the Agreement or shall not assume the responsibilities for the loss of the
      other Party.

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              10.4  

            	
              Amendments

            
	 	 
	 	The
      Agreement shall only be amended or revised by a written document signed by
      each Party.

    

    

    
      	
              10.5  

            	
              Waiver

            
	 	 
	 	Any
      Party who waives the responsibility of the other Party for breach of any
      obligations or duties hereunder shall give and sign a written statement,
      and this waiver shall not be deemed as a waiver from any other future
      default responsibilities of the other Party under the
  Agreement.

    

    

    
      	
              10.6  

            	
              The
      Integral Agreement

            
	 	 
	 	The
      Agreement constitutes all the agreements and understandings between the
      Parties in respect of the underlying matters hereof, and supersedes all
      the previous written and oral agreements in respect thereof between the
      Parties and all other previous
communications.

    

    

    
      	
              10.7  

            	
              Copies

            
	 	 
	 	The
      Agreement shall have ten (10) copies in duplication and each Party holds
      one. The remaining copies shall be submitted to the relevant authorities
      for approval and filing. Each copy shall have the same
  effect.

    

    

    In view of the above, the
Agreement shall be signed by the Parties as of the date shown at the beginning
hereof and be established on the date of signing.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      [No text
in this page]

      

      
        
          	 	
                  China Eastern Airlines
      Corporation Limited

                   

                  (Seal to be affixed)

                	 
	 	 	 	 
	
                   

                	
                  Signature:

                	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

        

       

      
        	 	
                China Eastern Air Holding
      Company

                 

                (Seal to be affixed)

              	 
	 	 	 	 
	
                 

              	
                Signature:

              	 	 
	 	Name:	 	 
	 	Title:

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