Document:

Exhibit 4.9

 

Amendment N°3

 

to the

 

A330-300 Purchase
Agreement

 

Dated December
5th, 2012

 

Between

 

Airbus S.A.S.

 

And

 

China Southern
Airlines Company Limited

 

And

 

China Southern
Airlines Group

Import and Export
Trading Corp., Ltd.

 

Buyer’s
Reference: 15SIES2017FR

 

Seller’s
Reference: CT1102624

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential
	CT1102624
    – 2015	 

Page 1 of 18

 

    	 

     

    

 

CONTENT

 

	CLAUSE	TITLE	 
	 	 	 
	0	DEFINITIONS	Page 5 of 18
	 	 	 
	1	SALE
    AND PURCHASE	Page 5 of 18
	 	 	 
	2	AIRCRAFT
    SPECIFICATION	Page 5 of 18
	 	 	 
	3	PRICES	Page 8 of 18
	 	 	 
	4	[***]	Page 10 of 18
	 	 	 
	5	[***]	Page 11 of 18
	 	 	 
	6	DELIVERY	Page 12 of 18
	 	 	 
	7	[***]	Page 14 of 18
	 	 	 
	8	[***]	Page 14 of 18
	 	 	 
	9	[***]	Page 15 of 18
	 	 	 
	10	EXHIBITS	Page 16 of 18
	 	 	 
	11	MISCELLANEOUS	Page 17 of 18
	 	 	 
	EXHIBITS	TITLE
    	 
	 	 	 
	EXHIBIT
    B	AIRFRAME
    PRICE REVISION FORMULA	Exhibit B – Page 1/3
	 	 	 
	EXHIBIT
    G	TECHNICAL
    DATA & SOFTWARE	Exhibit G – Page 1/4

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

CT1102624 – 2015

Page 2 of 18

 

    	 

     

    

 

This
amendment N°3 to the A330-300 purchase agreement
dated December 5th, 2012 (the "Amendment N°3") is made on the _____ day of _____________ 2015.

 

Between

 

AIRBUS S.A.S., a société
par actions simplifiée, created and existing under French law having its registered office at 1 Rond-Point Maurice Bellonte,
31707 Blagnac-Cedex, France and registered with the Toulouse Registre du Commerce under number RCS Toulouse 383 474 814, (the
"Seller"),

 

and

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED,
a company organised under the laws of the People's Republic of China having its principal place of business at No278, Airport
Road Baiyun District, Guangzhou 510405, People's Republic of China, (the "Buyer"),

 

and

 

CHINA SOUTHERN AIRLINES GROUP IMPORT
AND EXPORT TRADING CORP., LTD., a company organised under the laws of the People's Republic of China having its principal
office at No278, Airport Road Baiyun District, Guangzhou 510405, People's Republic of China (the "Consenting Party").

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    & Confidential 

CT1102624 – 2015

Page 3 of 18

 

    	 

     

    

 

Whereas,
the Seller and the Buyer, with the consent of the Consenting Party, have entered into an aircraft general terms agreement
(Buyer's reference: 09SIES1033FR; Seller's reference:
CT0803291) dated February 2nd, 2010 (the "AGTA") which constitutes an integral part of this Purchase
Agreement.

 

Whereas, the Buyer and the Seller,
with the consent of the Consenting Party, have entered into an A330-300 purchase agreement, (Buyer’s reference 11SIES2015FR;
Seller's reference CT1102624), dated as of December 5th, 2012 (the “Purchase Agreement”), which
covers the sale by the Seller and the purchase by the Buyer of ten (10) A330-300 aircraft (hereinafter individually or collectively
referred to as the “First Batch Aircraft”).

 

Whereas, the Buyer and the Seller,
with the consent of the Consenting Party, have entered into an amendment N°o1 to the Purchase Agreement, dated as of
July 1st, 2014 (the “Amendment N°1”), to modify the delivery schedule of certain First Batch
Aircraft.

 

Whereas, pursuant to a request
received from the Buyer and the Consenting Party, the Buyer and the Seller, with the consent of the Consenting Party, have entered
into an amendment N°2 to the Purchase Agreement, dated as of February 20th, 2015 (the “Amendment N°2”),
to modify Clause 1 of Side Letter N°5 to the Purchase Agreement.

 

For the purpose of this Amendment No3,
the AGTA, the Purchase Agreement, the Amendment No1 and the Amendment No2 shall hereinafter collectively be referred
to as the “Agreement”.

 

Whereas, with the consent of the
Consenting Party and subject to the terms and conditions set out in this Amendment No3, the Buyer wishes to purchase and
the Seller wishes to sell ten (10) A330-300 aircraft (hereinafter individually or collectively referred to as the “Second
Batch Aircraft”).

 

Except as otherwise agreed by the parties
in this Amendment No3, the First Batch Aircraft and the Second Batch Aircraft shall individually or collectively be referred
to as the “Aircraft” for the purpose of the Agreement and this Amendment No3.

 

NOW IT IS HEREBY AGREED AS FOLLOWS:

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

CT1102624 – 2015

Page 4 of 18

 

    	 

     

    

 

		0	DEFINITIONS 

 

Capitalised terms used herein
and not otherwise expressly defined in this Amendment N°3 shall have the meanings assigned thereto in the Agreement.

 

With respect to Second Batch
Aircraft, in addition to the capitalized words and terms elsewhere defined in the Agreement, the initially capitalised words and
terms used in this Amendment N°3 shall have the meaning set out below.

 

A330-300 Standard Specification
means the A330-300 standard specification document Number G.000.03000, Issue 9, dated 31st July 2014.

 

Goods and Services
means any goods and services that may be purchased by the Buyer from the Seller or, if applicable, its subsidiaries as listed
in the Seller’s relevant customer services catalogue, excluding all aircraft model.

 

Ready for Delivery
means the time when the Technical Acceptance Process has been completed in accordance with Clause 8 of the AGTA and all technical
conditions required for the issuance of the Export Airworthiness Certificate have been satisfied.

 

		1	SALE AND PURCHASE 

 

The Seller shall sell and deliver
and the Buyer shall buy and take delivery of ten (10) Second Batch Aircraft on the Delivery Date at the Delivery Location upon
the terms and conditions contained in this Amendment No3 and the Agreement.

 

Unless it has been modified
pursuant to the terms of this Amendment No3, the type of each Second Batch Aircraft (the “Aircraft Type”)
shall be as set out in Clause 6 of this Amendment No3.

 

		2	AIRCRAFT
                                         SPECIFICATION

 

		2.1	With respect to Second Batch Aircraft
                                         only, Clause 2 of the Purchase Agreement shall be deleted in its entirety and replaced
                                         by the following quoted text:

 

QUOTE

		2	AIRCRAFT DEFINITION

 

		2.1	Second Batch Aircraft Standard
                                         Specification Definition

		2.1.1	The Second Batch Aircraft shall
                                         be manufactured in accordance with the A330-300 Standard Specification, as may already
                                         be modified or varied at the date of this Amendment No3.

 

		2.1.2	A330-300 Aircraft Design Weights

In line with A330-300 Standard
Specification, as modified by [***] (those two (2) SCNs together referred to as the “[***]”), the following
design weights (Maximum Take-off Weight (“MTOW”), Maximum Landing Weight (“MLW”) and Maximum
Zero Fuel Weight (“MZFW”)) are selected and

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

CT1102624 – 2015

Page 5 of 18

 

    	 

     

    

 

applicable to the Second Batch Aircraft (each such Second Batch
Aircraft being individually or collectively referred to as the “A330-300 [***] Aircraft”):

 

	Aircraft  Type	 	MTOW	 	MLW	 	MZFW
	[***]	 	[***]	 	[***]	 	[***]*

* dynamic payload management
allows payload optimization through linear MZFW variation between the referenced MZFW depending on actual take-off weight.

 

Notwithstanding the foregoing,
subject to Clause 2.4 hereto, the Buyer may select to have the Second Batch Aircraft manufactured as:

 

		i)	the “A330-300 [***] Aircraft”
                                         in the below design weights:

 

	Aircraft  Type	 	MTOW	 	MLW	 	MZFW
	[***]	 	[***]	 	[***]	 	[***]

 

or

 

		(ii)	the “A330-300 [***] Aircraft”
                                         in the below design weights, by executing and incorporating irrevocably the [***]
                                         ( the “[***]SCN”),

 

	Aircraft  Type	 	MTOW	 	MLW	 	MZFW
	[***]	 	[***]	 	[***]	 	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

CT1102624 – 2015

Page 6 of 18

 

    	 

     

    

 

		2.2	Propulsion
                                         Systems

 

		2.2.1	The Second Batch Aircraft shall
                                         be equipped with a set of two (2) of the following engines, including nacelles and thrust
                                         reversers (the “Propulsion Systems”) manufactured by one of the following
                                         Propulsion System manufacturers (upon selection the “Propulsion System Manufacturer”):

 

	Aircraft
    Type	 	General
    Electric	 	Pratt
    & Whitney	 	Rolls
    Royce 
	[***]	 	[***]	 	[***]	 	[***]

* Airbus
Equivalent Thrust

 

		2.2.2	The Buyer shall notify the Seller
                                         in writing of its selection of the Propulsion Systems no later than [***]prior
                                         to the first day of the earliest Second Batch Aircraft Scheduled Delivery Month. If the
                                         Buyer does not notify the Seller in writing of its selection of Propulsion Systems for
                                         the Second Batch Aircraft as set forth above, then, in addition to any other rights and
                                         remedies available to the Seller, the Seller shall have the right to defer the Scheduled
                                         Delivery Quarter or Scheduled Delivery Month (as applicable) of any or all of the Aircraft.

 

		2.3	Customization Milestones Chart
                                         

 

Within a reasonable period following
signature of the Agreement, the Seller shall provide the Buyer with a customization milestones chart (the “Customization
Milestone Chart”), setting out how far in advance of the Scheduled Delivery Month of the Second Batch Aircraft an SCN
must be executed in order to integrate into the Specification any items requested by the Buyer from the Seller’s Option
Catalogues.

 

		2.4	[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

CT1102624 – 2015

Page 7 of 18

 

    	 

     

    

 

[***]

UNQUOTE

 

		3	PRICES

 

		3.1	With respect to Second Batch Aircraft
                                         only, Clause 3 of the Purchase Agreement shall be deleted in its entirety and replaced
                                         by the following quoted text:

 

QUOTE

		3	BASE
                                         PRICES

 

		3.1	Airframe Base Price

 

		3.1.1	The Airframe Base Price is the
                                         sum of:

 

		(i)	the base price of the A330-300
                                         Airframe as defined in the Standard Specification (excluding Buyer Furnished Equipment),
                                         which is :

 

[***]

 

		(ii)	the sum of the base prices of
                                         preliminary SCNs for budgetary purpose, which is :

 

[***]

 

		(iii)	for A330-300 [***] Aircraft
                                         only, the base price of the [***] at:

 

[***]

 

		(iv)	for A330-300 [***] Aircraft
                                         only, the base price of the [***] at:

 

[***]

 

The Airframe
Base Price is expressed in United States Dollars (USD) at [***] delivery conditions. It is subject to adjustment up to
the Aircraft Delivery Date in accordance with the Airframe Price Revision Formula set out in EXHIBIT B hereof.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

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Page 8 of 18

 

    	 

     

    

 

		3.2	Propulsion Systems Base
                                         Price

 

		3.2.1	General Electric

 

The Propulsion Systems Base
Price of a set of two (2) General Electric Propulsion Systems is:

 

[***]

 

This Base Price has been established
in accordance with the delivery conditions prevailing in [***] and has been calculated from the. Propulsion Systems Reference
Price as defined in Appendix C1 of the Purchase Agreement.

 

		3.2.2	Pratt and Whitney

 

		3.2.2.1	The Propulsion Systems Base Price
                                         for a set of two (2) Pratt & Whitney PW4170 Propulsion Systems is:

 

[***]

 

This Base Price has been established
in accordance with the delivery conditions prevailing in [***] and has been calculated from the. Propulsion Systems Reference
Price as defined in Appendix C2 of the Purchase Agreement.

 

		3.2.2.2	The Buyer having selected the
                                         above Pratt & Whitney Propulsion Systems, the Seller shall pass through to the Buyer
                                         a Pratt & Whitney marketing allowance (the "PW Marketing Allowance")
                                         reducing the above Base Price of Pratt & Whitney Propulsion Systems by an amount
                                         of:

 

[***]

 

at economic conditions prevailing for a theoretical
delivery in [***].

 

This PW Marketing Allowance
has been computed from the Reference Price of [***] at economic conditions prevailing in [***] corresponding to
a theoretical delivery in [***] and shall be subject to revision up to the Aircraft delivery date in accordance with the
Pratt & Whitney Revision Formula as defined in Appendix C3 of the Purchase Agreement. It shall be granted upon delivery of
each Aircraft, equipped with above PW 4000 series, and shall be applied against the Final Price of each Aircraft to be delivered
under this Agreement.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    & Confidential

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Page 9 of 18

 

    	 

     

    

 

		3.2.3	Rolls-Royce

 

The Propulsion Systems Base
Price of a set of two (2) Rolls-Royce Propulsion Systems is:

 

[***]

 

This Base Price has been established
in accordance with the delivery conditions prevailing in [***] and has been calculated from the Propulsion Systems Reference
Price as defined in Appendix C3 of the Purchase Agreement.

 

		3.3	Base Price of the Aircraft

 

The Base Price of the Aircraft
is the sum of the Airframe Base Price and the General Electric Propulsion Systems Base Price until the Buyer notifies the Seller
of its Propulsion Systems selection. After such notification, the Base Price of the Aircraft shall be the sum of the Airframe
Base Price and the selected Propulsion Systems Base Price.

UNQUOTE

 

		3.2	With respect to Second Batch Aircraft
                                         only, the reference to “Table 6” in the definition of Material Index in (i)
                                         Clause 3 of Appendix C1, (ii) Clause 3 of Appendix C2 and (iii) Clause 3 of Appendix
                                         C3, and in the definition of Energy Index in Clause 3 of Appendix C3 to the Purchase
                                         Agreement shall be deleted and replaced by “Table 9”.

 

		4	[***]

 

With respect to Second Batch
Aircraft only, Clause 5.10 of the AGTA shall be deleted in its entirety and replaced by the following quoted text.

 

QUOTE

 

[***]

 

[***]

 

[***]

 

UNQUOTE

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

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Page 10 of 18

 

    	 

     

    

 

		5	[***]

 

		5.1	With respect to Second Batch Aircraft
                                         only, the following quoted [***] shall be added after [***] of the AGTA:

 

QUOTE

 

[***]

 

[***]

 

UNQUOTE

 

		5.2	With respect to Second Batch Aircraft
                                         only, [***] of the AGTA shall be deleted in its entirety and replaced by the following
                                         quoted text:

 

QUOTE

 

[***]

 

[***]

 

[***]

 

UNQUOTE

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    & Confidential 

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Page 11 of 18

 

    	 

     

    

 

		6	DELIVERY

 

		6.1	Second Batch
                                         Aircraft Delivery Schedule

 

With respect to Second Batch
Aircraft only, Clause 4 of the Purchase Agreement shall be appended with the following quoted text.

 

QUOTE

		4.	Delivery
                                         Schedule

 

		4.1	Subject to Clauses 2, 7, 8, 10 and
                                         18 of the AGTA, the Seller shall have the Second Batch Aircraft Ready for Delivery at
                                         the Delivery Location within the following months (each a “Scheduled Delivery
                                         Month”):

 

	Aircraft Rank	 	Aircraft Type	 	Scheduled Delivery

    Month
	 	 	 	 	 
	[***]	 	[***]	 	[***]
	 	 	 	 	 
	[***]	 	[***]	 	[***]
	 	 	 	 	 
	[***]	 	[***]	 	[***]

 

UNQUOTE

 

		6.2	Delivery

 

		6.2.1	With respect to Second Batch Aircraft
                                         only, [***] of the AGTA shall be deleted in its entirety and replaced by the following
                                         quoted text:

 

QUOTE

 

[***]

 

UNQUOTE

 

		6.2.2	Clause 9.2 of the AGTA shall
                                         be deleted in its entirety and replaced by the following quoted text:

 

QUOTE

		9.2.1	The Buyer shall, within seven (7)
                                         days after the date on which the Aircraft is Ready for Delivery, sign the Certificate
                                         of Acceptance, pay the Balance of the Final Price and send its representatives to the
                                         Delivery Location to take Delivery of, and collect, the Aircraft.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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		9.2.2	The Seller shall deliver and transfer
                                         good title to the Aircraft free and clear of all encumbrances to the Buyer provided that
                                         the Balance of the Final Price has been paid by the Buyer pursuant to Clause 5.4 of the
                                         AGTA and that the Certificate of Acceptance has been signed and delivered to the Seller
                                         pursuant to Clause 8.3 of the AGTA. The Seller shall provide the Buyer with a bill of
                                         sale in the form of Exhibit E of the AGTA (the "Bill of Sale") and/or
                                         such other documentation confirming transfer of title and receipt of the Final Price
                                         as may reasonably be requested by the Buyer. Title to, property in and risk of loss of
                                         or damage to the Aircraft shall be transferred to the Buyer on Delivery.

 

		9.2.3.1	Should the Buyer fail, within
                                         the period specified in Clause 9.2.1 above, to:

 

		(i)	deliver the signed Certificate
                                         of Acceptance to the Seller ; or

 

		(ii)	pay the Balance of the Final
                                         Price for the Aircraft to the Seller and take Delivery of the Aircraft;

 

then the Buyer
shall be deemed to have rejected delivery of the Aircraft without warrant when duly tendered to it hereunder. Without prejudice
to Clause 5.7 of the AGTA and the Seller’s other rights under this Agreement or at law (a) the Seller shall retain title
to the Aircraft and (b) the Buyer shall bear all risk of loss of or damage to the Aircraft and shall indemnify and hold the Seller
harmless against any and all costs (including but not limited to any parking, storage, and insurance costs) and consequences resulting
from such failure, it being understood that the Seller shall be under no duty towards the Buyer to store, park, insure, or otherwise
protect the Aircraft.

 

		9.2.3.2	Should the Buyer fail to collect
                                         the Aircraft as mentioned in Clause 9.2.1 above and without prejudice to the Seller’s
                                         other rights under this Agreement or at law, the provisions of above Clause 9.2.3.1 (b)
                                         shall apply.

 

		9.2.3.3	[***]

 

			[***]

 

		9.2.4	[***]

 

UNQUOTE

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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		7	[***]

 

With respect to Second Batch
Aircraft only, the following [***] of the AGTA shall be deleted in its entirety and replaced by the following quoted text:

 

QUOTE

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

UNQUOTE

 

		8	[***]

 

		8.1	With respect to Second Batch Aircraft
                                         only, the following [***] shall be added at the end of [***] of the AGTA:

 

QUOTE

 

[***]

 

[***]

 

UNQUOTE

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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Page 14 of 18

 

    	 

     

    

 

		8.2	With respect to Second Batch Aircraft
                                         only, [***] of the AGTA shall be deleted in its entirety and replaced by the following
                                         quoted text:

 

QUOTE

 

[***]

 

[***]

 

[***]

 

UNQUOTE

 

		9	[***]

 

With respect to Second Batch
Aircraft only, the following [***] of the AGTA shall be deleted in its entirety and shall be replaced by the following
quoted text:

 

QUOTE

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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Page 15 of 18

 

    	 

     

    

 

[***]

 

[***]

 

UNQUOTE

 

		10	EXHIBITS

 

		10.1	With respect to Second Batch Aircraft
                                         only, the Exhibit G to the AGTA shall be deleted in its entirety and replaced
                                         by the Exhibit G in Appendix 2 to this Amendment N°3.

 

		10.2	With respect to Second Batch Aircraft
                                         only, Exhibit 3 Part 1 to the Purchase Agreement shall be deleted in its entirety
                                         and replaced by the Exhibit B to this Amendment N°3.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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Page 16 of 18

 

    	 

     

    

 

		11	MISCELLANEOUS

 

		11.1	The Parties hereby agree that this
                                         Amendment N°3 shall enter into full force and effect from the date mentioned above.

 

		11.2	Except as otherwise provided by the
                                         terms and conditions hereof, this Amendment N°3 contains the entire agreement of
                                         the Parties with respect to the subject matter hereof and supersedes all other prior
                                         understandings, commitments, agreements, representations and negotiations whatsoever,
                                         oral and written, and may not be varied except by an instrument in writing of even date
                                         herewith or subsequent hereto executed by the duly authorised representatives of the
                                         Parties.

 

		11.3	In the event of any inconsistency
                                         between the terms and conditions of the Agreement and those of the present Amendment
                                         N°3, the latter shall prevail to the extent of such inconsistency, whereas the part
                                         not concerned by such inconsistency shall remain in full force and effect.

 

		11.4	The Amendment N°3 (and its existence)
                                         shall be treated by each Party as confidential and shall not be released or revealed
                                         in whole or in part to any third party without the prior written consent of the other
                                         Parties. In particular, each Party agrees not to make any press release concerning the
                                         whole or any part of the contents and/or subject matter hereof or of any future addendum
                                         hereto without the prior written consent of the other Parties.

 

		11.5	The Parties agree that this Amendment
                                         N°3, upon execution hereof, shall constitute an integral and non-severable part of
                                         the Agreement and shall be governed by all of its provisions; as such provisions have
                                         been specifically amended pursuant to this Amendment N°3. Except as otherwise expressly
                                         modified herein, all other terms and conditions of the Agreement shall continue to be
                                         in full force and effect.

 

		11.6	This Amendment N°3 may be executed
                                         by the Parties hereto in separate counterparts, each of which when so signed and delivered
                                         will be an original, but all such counterparts will together constitute but one and the
                                         same instrument.

 

		11.7	This Amendment N°3 shall be governed
                                         by and construed in accordance with the laws of England. Any dispute arising out of or
                                         in connection with this Amendment N°3 shall be finally settled under the Rules of
                                         Arbitration of the International Chamber of Commerce by three (3) arbitrators appointed
                                         in accordance with such rules. Arbitration shall take place in London in the English
                                         language.

 

		11.8	The parties do not intend that any
                                         term of this Amendment N°3 shall be enforceable solely by virtue of the Contracts
                                         (Rights of Third Parties) Act 1999 by any person who is not a party to this Amendment
                                         N°3. The parties may rescind, vary, waive, release, assign, novate or otherwise dispose
                                         of all or any of their respective rights or obligations under this Amendment N°3
                                         in accordance with the terms hereof without the consent of any person who is not a party
                                         to this Amendment N°3.

 

		11.9	Notwithstanding any other provision
                                         of the Agreement, this Amendment N°3 and the rights and obligation of the Buyer herein
                                         shall not be assigned or transferred in any manner, and any attempted assignment or transfer
                                         in contravention of the provisions of this Clause shall be void and of no force or effect.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    – AM3 to A330 PA dated December 2012	Private
    & Confidential 

CT1102624 – 2015

Page 17 of 18

 

    	 

     

    

 

IN WITNESS WHEREOF,
this Amendment N° 3 was entered into the day and year first above written.

 

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

 

	Title:	    	 	Title:	 

 

	Signature: 	              	 	Signature: 	 

 

	Witnessed and acknowledged,	 	 
	 	 	 
	For and on behalf of	 	 
	 	 	 
	CHINA SOUTHERN AIRLINES GROUP
    IMPORT AND EXPORT TRADING CORP., LTD.	 	
	 	 	 	 
	Name:	 	 	 

 

	Title:	             	 	 

 

	Signature: 	              	 	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

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    & Confidential 

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Page 18 of 18

 

    	 

     

    

 

IN WITNESS WHEREOF,
this Amendment N° 3 was entered into the day and year first above written.

 

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

 

	Title:	           	 	Title:	 

 

	Signature:	            	 	Signature: 	 

 

	Witnessed and acknowledged,	 	 
	 	 	 
	For and on behalf of	 	 
	 	 	 
	CHINA SOUTHERN AIRLINES GROUP
    IMPORT AND EXPORT TRADING CORP., LTD.	 	 
	 	 	 	 
	Name:	                     	 	 

 

	Title:	              	 	 

 

	Signature: 	         	 	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624 – 2015

Page 18 of 18

 

    	 

     

    

 

	Appendix
    1 to Amendment 3 	EXHIBIT
    B

 

AIRFRAME PRICE REVISION FORMULA

 

		1	BASE PRICE

 

The Airframe Base Price quoted in Clause
3.1 of the Amendment is subject to adjustment for changes in economic conditions as measured by data obtained from the US Department
of Labor, Bureau of Labor Statistics, and in accordance with the provisions hereof.

 

		2	BASE PERIOD

 

The Airframe Base Price has been established
in accordance with the average economic conditions prevailing in [***],[***],[***] and corresponding to a
theoretical delivery in [***] as defined by "ECIb" and "ICb" index values indicated hereafter.

 

		3	INDEXES

 

Labor Index: "Employment Cost
Index for Workers in Aerospace manufacturing" hereinafter referred to as "ECI336411W", quarterly published by the
US Department of Labor, Bureau of Labor Statistics, in “NEWS”, and found in Table 9, “WAGES and SALARIES (not
seasonally adjusted): Employment Cost Indexes for Wages and Salaries for private industry workers by industry and occupational
group”, or such other name that may be from time to time used for the publication title and/or table, (Aircraft manufacturing,
NAICS Code 336411, base month and year December 2005 = 100).

 

The quarterly value released for a certain
month (March, June, September and December) shall be the one deemed to apply for the two preceding months.

 

Index code for access on the Web site
of the US Bureau of Labor Statistics: CIU2023211000000I.

 

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

 

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

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential
	CT1102624
    - 2015	 

Exhibit B – Page 1/3

 

    	 

     

    

 

	Appendix
    1 to Amendment 3 	EXHIBIT
    B

 

		4	REVISION FORMULA

 

	Pn	=	(Pb
    + F) x [(0.75 x (ECIn/ECIb)) + (0.25 x (ICn/ICb))]
	 	 	 
	Where	:	 
	 	 	 
	Pn	:	Airframe
    Base Price as revised at the Delivery Date of the Aircraft
	 	 	 
	Pb	:	Base
    Price at economic conditions [***],[***],[***] averaged ([***] delivery conditions)
	 	 	 
	F	:	(0.005
    x N x Pb)
	 	 	where
    N = the calendar year of Delivery of the Aircraft minus [***]
	 	 	 
	ECIn	:	the
    arithmetic average of the latest published values of the ECI 336411W-Index available at the Delivery Date of the Aircraft
    for the 11th, 12th and 13th month prior to the month of Aircraft Delivery 
	 	 	 
	ECIb	:	ECI
    336411W-Index for [***],[***],[***] averaged (=[***])
	 	 	 
	ICn	:	the
    arithmetic average of the latest published values of the IC-Index available at the Delivery Date of the Aircraft for the 11th,
    12th and 13th month prior to the month of Aircraft Delivery
	 	 	 
	ICb	:	IC-Index
    for [***],[***],[***], averaged (=[***])

 

		5	GENERAL PROVISIONS

 

		5.1	Roundings

 

The Labor Index average and
the Material Index average shall be computed to the first decimal. If the next succeeding place is five (5) or more, the preceding
decimal place shall be raised to the next higher figure.

 

Each quotient (ECIn/ECIb) and
(ICn/ICb) shall be rounded to the nearest ten-thousandth (4 decimals). If the next succeeding place is five (5) or more, the preceding
decimal place shall be raised to the next higher figure.

 

The final factor [(0.75 x (ECIn/ECIb))
+ (0.25 x (ICn/ICb))] shall be rounded to the nearest ten-thousandth (4 decimals).

 

The final price shall be rounded
to the nearest whole number (0.5 or more rounded to 1).

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624
- 2015

Exhibit B – Page 2/3

 

    	 

     

    

 

	Appendix
    1 to Amendment 3 	EXHIBIT
    B

 

		5.2	Substitution of
                                         Indexes for Airframe Price Revision Formula

 

If:

 

		(i)	the United States Department
                                         of Labor substantially revises the methodology of calculation of the Labor Index or the
                                         Material Index as used in the Airframe Price Revision Formula, or

 

		(ii)	the United States Department
                                         of Labor discontinues, either temporarily or permanently, such Labor Index or such Material
                                         Index, or

 

		(iii)	the data samples used to calculate
                                         such Labor Index or such Material Index are substantially changed;

 

the Seller shall select a substitute
index for inclusion in the Airframe Price Revision Formula (the "Substitute Index").

 

The Substitute Index shall
reflect as closely as possible the actual variance of the Labor Costs or of the material costs used in the calculation of the
original Labor Index or Material Index as the case may be.

 

As a result of the selection
of the Substitute Index, the Seller shall make an appropriate adjustment to the Airframe Price Revision Formula to combine the
successive utilization of the original Labor Index or Material Index (as the case may be) and of the Substitute Index.

 

		5.3	Final Index Values

 

The Index values as defined
in Clause 4 above shall be considered final and no further adjustment to the base prices as revised at Delivery of the Aircraft
shall be made after Aircraft Delivery for any subsequent changes in the published Index values.

 

		5.4	Limitation

 

Should the sum of [(0.75 x (ECIn/ECIb))
+ (0.25 x (ICn/ICb))] be less than 1, Pn shall be equal to Pb + F.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624
- 2015

Exhibit B – Page 3/3

 

    	 

     

    

 

	Appendix
    2 to Amendment 3	EXHIBIT
    G

 

TECHNICAL
DATA & SOFTWARE

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624
- 2015

Exhibit G – Page 1/4

 

    	 

     

    

 

	Appendix
    2 to Amendment 3	EXHIBIT
    G

 

TECHNICAL DATA & SOFTWARE

 

Where applicable, data shall be established
in general compliance with the ATA 100 Information Standards for Aviation Maintenance and the applicable provisions for digital
standard of ATA Specification 2200 (iSpec2200).

 

The Seller shall provide the Buyer with
the following Technical Data (or such other equivalent Technical Data as may be applicable at the time of their provision to the
Buyer).

 

		1-	Airbus Flight Operations Data Package

 

The Airbus Flight Operations
Data Package encompasses the following customised operational manuals required to operate the Aircraft:

 

		-	Flight Manual (FM),

		-	Flight Crew Operating Manual (FCOM),

		-	Flight Crew Training Manual (FCTM),

		-	Quick Reference Handbook (QRH),

		-	Cabin Crew Operating Manual (CCOM),

		-	Master Minimum Equipment List (MMEL),

		-	Weight and Balance Manual (WBM).

 

		1.1-	Format of Data

 

The Flight Operations Data
Package shall be available on-line through the Seller’s customer portal AirbusWorld in eXtensible Mark-up Language (XML),
for downloading and further data processing and customization, and/or in Portable Document Format (PDF), as applicable.

 

In addition, the Seller shall
make available up to a maximum of two (2) QRH sets per Aircraft in paper format.

 

Upon the Buyer’s request,
a back-up copy of the manuals of the Flight Operations Data Package may be provided off-line on CD or DVD.

 

		1.2-	Availability Schedule

 

The Airbus Flight Operations
Data Package, reflecting the Buyer’s Aircraft configuration, shall be available to the Buyer ninety (90) days before the
Scheduled Delivery Month of the first Aircraft.

 

A preliminary customized MMEL
shall be available one hundred eighty (180) days prior to the Scheduled Delivery Month of the first Aircraft.

 

The final issue of WBM and
FM shall be made available at the time of each Aircraft Delivery.

 

		2-	Airbus Maintenance Technical Data
                                         Package

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624
- 2015

Exhibit G – Page 2/4

 

    	 

     

    

 

	Appendix
    2 to Amendment 3	EXHIBIT
    G

 

The Airbus Maintenance Technical
Data Package encompasses the following customised maintenance data required for on-aircraft maintenance to ensure the continued
airworthiness of the Aircraft:

 

		-	Aircraft Maintenance Manual (AMM),

		-	Aircraft Wiring Manual (AWM),

		-	Aircraft Schematics Manual (ASM),

		-	Aircraft Wiring Lists (AWL),

		-	Illustrated Part Catalog (IPC),

		-	Trouble Shooting Manual (TSM).

 

		2.1-	Format of Data

 

The Airbus Maintenance Technical
Data Package shall be available in the Airn@v/Maintenance module of the AirN@v software and shall be accessible on-line through
the Seller’s customer portal AirbusWorld.

 

In addition, if so requested
by the Buyer, the corresponding raw data in Standard Generalized Mark-up Language (SGML) format shall also be made available for
download from the Seller’s customer portal AirbusWorld.

 

Upon the Buyer’s request,
a back-up copy of the data of the Airbus Maintenance Technical Data Package may be provided off-line on CD or DVD.

 

		2.2-	Availability Schedule

 

The Airbus Maintenance Technical
Data Package, reflecting the Buyer’s Aircraft configuration, shall be available to the Buyer ninety (90) days before the
Scheduled Delivery Month of the first Aircraft.

 

Upon the Buyer’s request,
where applicable, preliminary customized maintenance data may be available one hundred and eighty (180) days prior to the Scheduled
Delivery Month of the first Aircraft.

 

		3-	Non-customized Technical Data

 

Non-customised Technical Data,
provided as part of the Maintenance Technical Data Package, shall be made available to the Buyer either in the corresponding Airn@v
software module, as detailed in Clause 14.9 of the Agreement, or in PDF format, as applicable.

 

The Technical Data belonging
to each AirN@v module and/or available in PDF format shall be as listed in the Seller’s Customer Services Catalog current
at the time of the delivery of the Technical Data.

 

Non-customised Technical Data
shall be made available to the Buyer in accordance with a schedule to be mutually agreed between the Buyer and Seller no later
than eighteen (18) months prior to the Scheduled Delivery Month of the first Aircraft.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624
- 2015

Exhibit G – Page 3/4

 

    	 

     

    

 

	Appendix
    2 to Amendment 3	EXHIBIT
    G

 

		4-	Additional Technical Data 

 

		4.1	In addition to the Flight Operations
                                         Data Package and the Maintenance Technical Data Package, the Seller shall provide, at
                                         Delivery of each Aircraft, on-line access to the Aircraft mechanical drawings that cover
                                         installation of structure and systems fitted on the Buyer’s Aircraft at Delivery.

 

		4.2	Within thirty (30) days after the
                                         Delivery of each Aircraft, the Seller shall provide:

 

		-	the weighing report,
                                         for integration into the WBM by the Buyer,

 

		-	the Electrical Load Analysis (ELA),
                                         in a format allowing further updating by the Buyer.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	Private
    & Confidential

CT1102624
- 2015

Exhibit G – Page 4/4

 

    	 

     

    

 

LETTER AGREEMENT
N°
1

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement
                                         dated February 2nd, 2010 (the “AGTA”); and

 

		(II)	an A330-300 aircraft purchase agreement
                                         dated as of December 5th, 2012 (the “Purchase Agreement”);
                                         and

 

		(III)	an amendment N°1 to the
                                         Purchase Agreement (the “Amendment N°1”) on July 1st,
                                         2014; and

 

		(IV)	an amendment N°2 to the Purchase
                                         Agreement (the “Amendment N°2”) on February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Agreement (the “Amendment
N°3"), which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between
the Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA1	Page
    1/4
	CT1102624
    – 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT
N°
1

 

		1	[***]

 

[***]

 

[***]

 

		2	[***] 

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

[***]

 

		2.3	[***]

 

		3	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA1	Page
    2/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT
N°
1

 

		4	Assignment

 

			Notwithstanding any other provision
                                         of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement
                                         and the rights and obligations of the Buyer herein shall not be assigned or transferred
                                         in any manner without the prior written consent of the Seller, and any attempted assignment
                                         or transfer in contravention of the provisions of this Clause shall be void and of no
                                         force or effect.

 

		5	Confidentiality

 

For the purpose of this Clause
5, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and its
existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or revealed)
in whole or in part to any third party without the prior consent of the Parties. In particular, each Party agrees not to make
any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto
without the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock exchange
or government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the party which
is subject to such requirement shall advise the other party of what is required and proposed to be disclosed and the Parties shall
consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the extent possible)
the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA1	Page
    3/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT
N°
1

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	              	 	By	:	                 
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 
	 	 	 	 
	For
    and on behalf of	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	    

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA1	Page
    4/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT
N°
1

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                   	 	By	:	             
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 
	 	 	 	 
	For
    and on behalf of	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	    

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA1	Page
    4/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement
                                         dated February 2nd, 2010 (the “AGTA”); and

 

		(II)	an A330-300 aircraft purchase agreement
                                         dated as of December 5th, 2012 (the “Purchase Agreement”);
                                         and

 

		(III)	an amendment N°1 to the
                                         Purchase Agreement (the “Amendment N°1”) on July 1st,
                                         2014; and

 

		(IV)	an amendment N°2 to the Purchase
                                         Agreement (the “Amendment N°2”) on February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in the Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between
the Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    1/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

		1	[***]

 

		1.1	[***]

 

[***]

 

[***]

 

[***]

 

		1.2	[***]

 

[***]

 

[***]

 

[***]

 

		1.3	[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    2/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

		1.4	[***]

 

[***]

 

[***]

 

[***]

 

		1.5	[***]

 

[***]

 

[***]

 

[***]

 

		1.6	[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    3/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

[***]

 

		1.7	[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

		1.8	[***]

 

[***]

 

[***]

 

[***]

 

		2	Assignment

 

Notwithstanding any other provision
of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement and the rights and obligations of the
Buyer herein shall not be assigned or transferred in any manner without the prior written consent of the Seller, and any attempted
assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    4/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

		3	Confidentiality

 

For the purpose of this Clause
3, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and
its existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or
revealed) in whole or in part to any third party without the prior consent of the Parties. In particular, each Party agrees not
to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum
hereto without the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock
exchange or government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the
Party which is subject to such requirement shall advise the other Party of what is required and proposed to be disclosed and the
parties shall consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the
extent possible) the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

.

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    5/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES  COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                	 	By	:	                      
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    6/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
2

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES  COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                  	 	By	:	                   
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA2	Page
    6/6
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
3

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement
                                         dated February 2nd, 2010 (the “AGTA”); and

 

		(II)	an A330-300 aircraft purchase agreement
                                         dated as of December 5th, 2012 (the “Purchase Agreement”);
                                         and

 

		(III)	an amendment N°1 to the
                                         Purchase Agreement (the “Amendment N°1”) on July 1st,
                                         2014; and

 

		(IV)	an amendment N°2 to the Purchase
                                         Agreement (the “Amendment N°2”) on February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between
the Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA3	Page
    1/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
3

 

		1	[***]

 

		1.1	[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA3	Page
    2/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
3

 

		1.2	[***]

 

		1.3	[***]

 

		2	Assignment

 

Notwithstanding any other provision
of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement and the rights and obligations of the
Buyer herein shall not be assigned or transferred in any manner without the prior written consent of the Seller, and any attempted
assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect.

 

		3	Confidentiality

 

For the purpose of this Clause
3, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and
its existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or
revealed) in whole or in part to any third party without the prior consent of the Parties. In particular, each Party agrees not
to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum
hereto without the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock
exchange or government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the
Party which is subject to such requirement shall advise the other party of what is required and proposed to be disclosed and the
Parties shall consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the
extent possible) the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA3	Page
    3/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
3

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                   	 	By	:	             
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA3	Page
    4/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
3

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	              	 	By	:	                   
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA3	Page
    4/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
4

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement
                                         dated February 2nd, 2010 (the “AGTA”); and

 

		(II)	an A330-300 aircraft purchase agreement
                                         dated as of December 5th, 2012 (the “Purchase Agreement”);
                                         and

 

		(III)	an amendment N°1 to the
                                         Purchase Agreement (the “Amendment N°1”) on July 1st,
                                         2014; and

 

		(IV)	an amendment N°2 to the Purchase
                                         Agreement (the “Amendment N°2”) on February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between
the Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA4	Page
    1/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
4

 

		1	[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA4	Page
    2/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
4

 

		2	[***]

 

[***]

 

[***]

 

		3	Assignment

 

Notwithstanding any other provision
of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement and the rights and obligations of the
Buyer herein shall not be assigned or transferred in any manner without the prior written consent of the Seller, and any attempted
assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect.

 

		4	Confidentiality

 

For the purpose of this Clause
4, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and
its existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or
revealed) in whole or in part to any third party without the prior consent of the Parties. In particular, each Party agrees not
to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum
hereto without the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock
exchange or government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the
Party which is subject to such requirement shall advise the other Party of what is required and proposed to be disclosed and the
Parties shall consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the
extent possible) the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA4	Page
    3/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
4

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	              	 	By	:	              
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA4	Page
    4/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
4

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                    	 	By	:	                      
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA4	Page
    4/4
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

278 Airport Road,

Baiyun District

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement
                                         dated February 2nd, 2010 (the “AGTA”); and

 

		(II)	an A330-300 aircraft purchase agreement
                                         dated as of December 5PthP, 2012 (the “Purchase Agreement”);
                                         and

 

		(III)	an amendment N°1 to the
                                         Purchase Agreement (the “Amendment N°1”) on July 1PstP,
                                         2014; and

 

		(IV)	an amendment N°2 to the Purchase
                                         Agreement (the “Amendment N°2”) on February 20PthP,
                                         2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which cover the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between
the Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    1/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

		1	[***]

 

		1.1	[***]

 

[***]

 

		1.2	[***]

 

		2	[***]

 

[***] 

 

		2.1	[***]

 

		2.2	[***]

 

		2.3	[***]

 

		3	[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    2/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

		4.	[***]

 

[***]

 

		5	[***]

 

[***]

 

[***]

 

		6	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    3/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

		7	[***]

 

		7.1	[***]

 

[***]

 

		7.2	[***]

 

[***]

 

		7.3	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    4/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

		7.4	[***]

 

[***]

 

		7.5	[***]

 

[***]

 

[***]

 

[***]

 

		8.	Assignment

 

Notwithstanding any other provision
of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement and the rights and obligations of the
Buyer herein shall not be assigned or transferred in any manner without the prior written consent of the Seller, and any attempted
assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect..

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    5/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

		9.	Confidentiality

 

For the purpose of this Clause
9, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and
its existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or
revealed) in whole or in part to any third party without the prior consent of the Parties. In particular, each Party agrees not
to make any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum
hereto without the prior consent of the other parties. Notwithstanding the foregoing, in the event that any law, regulation, stock
exchange or government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the
Party which is subject to such requirement shall advise the other Party of what is required and proposed to be disclosed and the
Parties shall consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the
extent possible) the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    6/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                   	 	By	:	              
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    7/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
5

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                	 	By	:	                   
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA5	Page
    7/7
	CT1102624
    - 2015	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
6

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement
                                         dated February 2nd, 2010 (the “AGTA”); and

 

		(II)	an A330-300 aircraft purchase agreement
                                         dated December 5th, 2012 (the “Purchase Agreement”); and

 

		(III)	an amendment N°1 to the
                                         Purchase Agreement (the “Amendment N°1”) dated July 1st,
                                         2014; and

 

		(IV)	an amendment N°2 to the Purchase
                                         Agreement (the “Amendment N°2”) on February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which covers the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch
Aircraft as described in the Amendment N°3.

 

Capitalized terms used herein and not
otherwise defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between
the Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA6	Page
    1/4
	CT1102624	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
6

 

		1	Performance guarantees

 

The guarantees applicable
to the Second Batch Aircraft are attached in the following appendixes hereto:

 

	Appendix	 	Weight Variant

        (MTOW / MLW / MZFW)
	 	Propulsion
    Systems
	1	 	[***]	 	[***]
	2	 	[***]	 	[***]
	3	 	[***]	 	[***]
	4	 	[***]	 	[***]
	5	 	[***]	 	[***]
	6	 	[***]	 	[***]
	7	 	[***]	 	[***]
	8	 	[***]	 	[***]
	9	 	[***]	 	[***]

 

		2	Assignment

 

Notwithstanding any other provision
of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement and the rights and obligations of the
Buyer herein shall not be assigned or transferred in any manner without the prior written consent of the Seller, and any attempted
assignment or transfer in contravention of the provisions of this Clause shall be void and of no force or effect

 

		3	Confidentiality

 

For the purpose of this Clause
3, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and its
existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or revealed)
in whole or in part to any third party without the prior consent of the Parties. In particular, each Party agrees not to make
any press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto
without the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock exchange
or government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the Party which
is subject to such requirement shall advise the other Party of what is required and proposed to be disclosed and the parties shall
consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the extent possible)
the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA6	Page
    2/4
	CT1102624	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
6

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                          	 	By	:	                      
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA6	Page
    3/4
	CT1102624	 	Private
    & Confidential

 

    	 

     

    

 

LETTER AGREEMENT N°
6

 

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

 

	Agreed
    and Accepted	 	Agreed
    and Accepted
	 	 	 
	For
    and on behalf of:	 	For
    and on behalf of:
	 	 	 
	CHINA
    SOUTHERN AIRLINES COMPANY LIMITED	 	AIRBUS
    S.A.S.
	 	 	 	 	 	 	 
	By	:	                      	 	By	:	                
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 
	 	 	 	 	 	 	 
	Witnessed
    and acknowledged,	 	 	 	 
	 	 	 	 	 
	For
    and on behalf of	 	 	 	 
	 	 	 	 	 
	CHINA
    SOUTHERN AIRLINES GROUP IMPORT AND EXPORT TRADING CORP.,
    LTD.	 	 	 	 
	 	 	 	 	 	 	 
	By	:	 	 	 	 	 
	 	 	 	 	 	 	 
	Its	:	 	 	 	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN
    – AM3 to A330 PA dated December 2012	LA6	Page
4/4
	CT1102624	 	Private
    & Confidential

 

    	 

     

    

 

APPENDIX 1 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

			[***]

 

		2.3	[***]

 

			[***]

 

		2.4	[***]

 

			[***]

 

		2.5	[***]

 

			[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/4
	CT1102624	APPENDIX 1 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 1 to LETTER AGREEMENT N°
6

 

		2.6	[***]

 

[***]

 

		3.	[***]

 

			[***]

 

		4.	[***]

 

		4.1.	[***]

 

		4.2.	[***]

 

		4.2.1.	[***]

 

		4.2.2.	[***]

 

		4.3.	[***]

 

		4.4.	[***]

 

		4.5.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/4
	CT1102624	APPENDIX 1 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 1 to LETTER AGREEMENT N°
6

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		5.6.	[***]

 

		5.7.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

			[***]

 

			[***]

 

		7.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/4
	CT1102624	APPENDIX 1 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 1 to LETTER AGREEMENT N°
6

 

		8.	[***]

 

		8.1	[***]

 

		8.2	[***]

 

[***]

 

		8.3	[***]

 

		8.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/4
	CT1102624	APPENDIX 1 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 2 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

			[***]

 

			[***]

 

			[***]

 

		2.	[***]

 

		2.1	[***]

 

		2.2	[***]

 

		2.3	[***]

 

[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/4
	CT1102624	APPENDIX
2 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 2 to LETTER AGREEMENT N°
6

 

		2.6	[***]

 

			[***]

 

		3.	[***]

 

[***]

 

		4.	[***]

 

		4.1.	[***]

 

		4.2.	[***]

 

		4.2.1.	[***]

 

		4.2.2.	[***]

 

		4.3.	[***]

 

		4.4.	[***]

 

		4.5.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/4
	CT1102624	APPENDIX
2 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 2 to LETTER AGREEMENT N°
6

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		5.6.	[***]

 

		5.7.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		7.	[***]

 

			[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/4
	CT1102624	APPENDIX
2 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 2 to LETTER AGREEMENT N°
6

 

		8.	[***]

 

		8.1	[***]

 

		8.2	[***]

 

		8.3	[***]

 

		8.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/4
	CT1102624	APPENDIX
    2  - PW	Private & Confidential

 

     

     

    

 

APPENDIX 3 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/4
	CT1102624	APPENDIX 3 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 3 to LETTER AGREEMENT N°
6

 

		2.6	[***]

 

[***]

 

		3.	[***]

 

[***]

 

		4.	[***]

 

		4.1.	[***]

 

		4.2.	[***]

 

		4.2.1.	[***]

 

		4.2.2.	[***]

 

		4.3.	[***]

 

		4.4.	[***]

 

		4.5.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/4
	CT1102624	APPENDIX 3 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 3 to LETTER AGREEMENT N°
6

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		5.6.	[***]

 

		5.7.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		7.	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/4
	CT1102624	APPENDIX 3 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 3 to LETTER AGREEMENT N°
6

 

		8.	[***]

 

		8.1	[***]

 

		8.2	[***]

 

[***]

 

		8.3	[***]

 

		8.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/4
	CT1102624	APPENDIX 3 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

		2.3.1	[***]

 

[***]

 

		2.3.2	[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

		2.6	[***]

 

[***]

 

		3.	[***]

 

		3.1	[***]

 

[***]

 

		3.1.1	[***]

 

		3.1.2	[***]

 

		3.1.3	[***]

 

		3.1.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

		3.1.5	[***]

 

		3.1.6	[***]

 

		3.1.6	[***]

 

		3.1.7	[***]

 

		3.2	[***]

 

[***]

 

		3.3	[***]

 

[***]

 

		3.3.1	[***]

 

		3.3.2	[***]

 

		3.3.3	[***]

 

		3.3.4	[***]

 

		3.2.5	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

		3.3.6	[***]

 

		3.3.6	[***]

 

		3.3.7	[***]

 

		3.4	[***]

 

[***]

 

		3.5	[***]

 

		4.	[***]

 

[***]

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.2.1.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

		5.2.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		6.3.	[***]

 

		6.4.	[***]

 

		6.5.	[***]

 

		6.6.	[***]

 

		6.7.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 5/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

		7.	[***]

 

		7.1.	[***]

 

		7.2.	[***]

 

		8.	[***]

 

[***]

 

		9.	[***]

 

		9.1	[***]

 

		9.2	[***]

 

[***]

 

[***]

 

		9.3	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 6/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 4 to LETTER AGREEMENT N°
6

 

		9.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 7/7
	CT1102624	APPENDIX 4 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

		2.3.1	[***]

 

		2.3.2	[***]

 

			[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

			[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

		2.6	[***]

 

			[***]

 

		3.	[***]

 

		3.1	[***]

 

[***]

 

		3.1.1	[***]

 

		3.1.2	[***]

 

		3.1.3	[***]

 

		3.1.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

[***]

 

		3.1.5	[***]

 

		3.1.6	[***]

 

		3.1.6	[***]

 

		3.1.7	[***]

 

		3.2	[***]

 

[***]

 

		3.3	[***]

 

[***]

 

		3.3.1	[***]

 

		3.3.2	[***]

 

		3.3.3	[***]

 

		3.3.4	[***]

 

		3.3.5	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

		3.3.6	[***]

 

		3.3.6	[***]

 

		3.3.7	[***]

 

		3.4	[***]

 

[***]

 

		3.5	[***]

 

		4.	[***]

 

[***]

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.2.1.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

		5.2.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		6.3.	[***]

 

		6.4.	[***]

 

		6.5.	[***]

 

		6.6.	[***]

 

		6.7.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 5/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

		7.	[***]

 

		7.1.	[***]

 

		7.2.	[***]

 

		8.	[***]

 

[***]

 

		9.	[***]

 

		9.1	[***]

 

		9.2	[***]

 

[***]

 

[***]

 

[***]

 

		9.3	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 6/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 5 to LETTER AGREEMENT N°
6

 

		9.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 7/7
	CT1102624	APPENDIX 5 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

		2.3.1	[***]

 

[***]

 

		2.3.2	[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

		2.6	[***]

 

[***]

 

		3.	[***]

 

		3.1	[***]

 

[***]

 

		3.1.1	[***]

 

		3.1.2	[***]

 

		3.1.3	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

		3.1.4	[***]

 

		3.1.5	[***]

 

		3.1.6	[***]

 

		3.1.6	[***]

 

		3.1.7	[***]

 

		3.2	[***]

 

[***]

 

		3.3	[***]

 

[***]

 

		3.3.1	[***]

 

		3.3.2	[***]

 

		3.3.3	[***]

 

		3.3.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

		3.3.5	[***]

 

		3.3.6	[***]

 

		3.3.6	[***]

 

		3.3.7	[***]

 

		3.4	[***]

 

[***]

 

		3.5	[***]

 

		4.	[***]

 

[***]

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.2.1.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

		5.2.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		6.3.	[***]

 

		6.4.	[***]

 

		6.5.	[***]

 

		6.6.	[***]

 

		6.7.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 5/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

		7.	[***]

 

		7.1.	[***]

 

		7.2.	[***]

 

		8.	[***]

 

[***]

 

		9.	[***]

 

		9.1	[***]

 

		9.2	[***]

 

[***]

 

[***]

 

		9.3	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 6/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 6 to LETTER AGREEMENT N°
6

 

		9.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 7/7
	CT1102624	APPENDIX 6 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 7 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/4
	CT1102624	APPENDIX 7 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 7 to LETTER AGREEMENT N°
6

 

		2.6	[***]

 

[***]

 

		3.	[***]

 

[***]

 

		4.	[***]

 

		4.1.	[***]

 

		4.2.	[***]

 

		4.2.1.	[***]

 

		4.2.2.	[***]

 

		4.3.	[***]

 

		4.4.	[***]

 

		4.5.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/4
	CT1102624	APPENDIX 7 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 7 to LETTER AGREEMENT N°
6

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		5.6.	[***]

 

		5.7.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		7.	[***]

 

			[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/4
	CT1102624	APPENDIX 7 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 7 to LETTER AGREEMENT N°
6

 

		8.	[***]

 

		8.1	[***]

 

		8.2	[***]

 

[***]

 

[***]

 

		8.3	[***]

 

		8.4	[***]

 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/4
	CT1102624	APPENDIX 7 - GE	Private & Confidential

 

     

     

    

 

APPENDIX 8 to LETTER AGREEMENT N°
6

 

		1.	[***]

 

			[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

[***]

 

		2.4	[***]

 

		 	[***]

 

		2.5	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/4
	CT1102624	APPENDIX 8 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 8 to LETTER AGREEMENT N°
6

 

		2.6	[***]

 

[***]

 

		3.	[***]

 

[***]

 

		4.	[***]

 

		4.1.	[***]

 

		4.2.	[***]

 

		4.2.1.	[***]

 

		4.2.2.	[***]

 

		4.3.	[***]

 

		4.4.	[***]

 

		4.5.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/4
	CT1102624	APPENDIX 8 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 8 to LETTER AGREEMENT N°
6

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***]

 

		5.6.	[***]

 

		5.7.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

		7.	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/4
	CT1102624	APPENDIX 8 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 8 to LETTER AGREEMENT N°
6

 

		8.	[***]

 

		8.1	[***]

 

		8.2	[***]

 

		8.3	[***]

 

		8.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/4
	CT1102624	APPENDIX 8 - PW	Private & Confidential

 

     

     

    

 

APPENDIX 9 to LETTER AGREEMENT N° 6

 

		1.	[***]

 

[***]

 

[***]

 

		2.	[***]

 

		2.1	[***]

 

[***]

 

		2.2	[***]

 

[***]

 

		2.3	[***]

 

[***]

 

		2.4	[***]

 

[***]

 

		2.5	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 1/4
	CT1102624	APPENDIX 9 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 9 to LETTER AGREEMENT N° 6

 

		2.6	[***]

 

[***]

  

		3.	[***]

 

[***]

 

		4.	[***]

 

		4.1.	[***]

 

		4.2.	[***]

 

		4.2.1.	[***]

 

		4.2.2.	[***]

 

		4.3.	[***]

 

		4.4.	[***]

 

		4.5.	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 2/4
	CT1102624	APPENDIX 9 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 9 to LETTER AGREEMENT N° 6

 

		5.	[***]

 

		5.1.	[***]

 

		5.2.	[***]

 

		5.3.	[***]

 

		5.4.	[***]

 

		5.5.	[***].

 

		5.6.	[***]

 

		5.7.	[***]

 

		6.	[***]

 

		6.1.	[***]

 

		6.2.	[***]

 

[***]

 

		7.	[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 3/4
	CT1102624	APPENDIX 9 - RR	Private & Confidential

 

     

     

    

 

APPENDIX 9 to LETTER AGREEMENT N° 6

 

 

		8.	[***]

 

		8.1	[***]

 

		8.2	[***]

 

		8.3	[***]

 

		8.4	[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	PA A330 CSN 2015	LA6	Page 4/4
	CT1102624	APPENDIX 9 - RR	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement dated February 2nd, 2010 (the “AGTA”);
and

 

		(II)	an A330-300 aircraft purchase agreement dated December 5th, 2012 (the “Purchase
Agreement”); and

 

		(III)	an amendment N°1 to the Purchase Agreement (the “Amendment N°1”)
dated July 1st, 2014; and

 

		(IV)	an amendment N°2 to the Purchase Agreement (the “Amendment N°2”) on
February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which covers the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not otherwise
defined in this Letter Agreement shall have the meanings assigned thereto in the Agreement or in Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and

each a "Party".

 

The Parties agree that this Letter Agreement,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Letter Agreement.

 

If there is any inconsistency between the
Agreement, the Amendment N°3 and this Letter Agreement, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 1/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

		1	[***]

 

		1.1	[***]

 

		1.2	[***]

 

		1.3	[***]

 

		1.4	[***]

 

		1.5	[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 2/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

		2	[***]

 

		2.1	[***]

 

		2.2	[***]

 

		2.3	[***]

 

		2.4	[***]

 

		2.5	[***]

 

		3	[***]

 

		3.1	[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 3/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

[***]

 

		3.2	[***]

 

		3.3	[***]

 

		3.4	[***]

 

		3.5	[***]

 

[***]

 

[***]

 

[***]

 

[***]

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 4/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

		4	Assignment

 

Notwithstanding any other provision
of this Letter Agreement, the Agreement or the Amendment N°3, this Letter Agreement and the rights and obligations of the Buyer
herein shall not be assigned or transferred in any manner without the prior written consent of the Seller, and any attempted assignment
or transfer in contravention of the provisions of this Clause shall be void and of no force or effect

 

 

		5	Confidentiality

 

For the purpose of this Clause
6, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Letter Agreement (and its
existence) shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or revealed)
in whole or in part to any third Party without the prior consent of the Parties. In particular, each Party agrees not to make any
press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without
the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock exchange or
government authority requires the disclosure of this Letter Agreement (or its existence) or any part thereof, the Party which is
subject to such requirement shall advise the other Party of what is required and proposed to be disclosed and the Parties shall
consult with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the extent possible)
the assurance of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 5/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

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

 

	Agreed and Accepted	Agreed and Accepted
	 	 
	For and on behalf of:	For and on behalf of:

 

	CHINA SOUTHERN AIRLINES 	AIRBUS S.A.S.
	COMPANY LIMITED	 

 

	By 	:	 	 	By	:	 
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 

 

Witnessed and acknowledged,

 

For and on behalf of

 

CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.

 

	By 	:	 	 
	 	 	 	 
	Its	:	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 6/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

LETTER AGREEMENT N°
7

 

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

 

	Agreed and Accepted	Agreed and Accepted
	 	 
	For and on behalf of:	For and on behalf of:

 

	CHINA SOUTHERN AIRLINES 	AIRBUS S.A.S.
	COMPANY LIMITED	 

 

	By 	:	 	 	By	:	 
	 	 	 	 	 	 	 
	Its	:	 	 	Its	:	 

 

Witnessed and acknowledged,

 

For and on behalf of

 

CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.

 

	By 	:	 	 
	 	 	 	 
	Its	:	 	 

 

	 	Date	:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	LA7	Page 6/6
	CT1102624	 	Private & Confidential

 

     

     

    

 

SIDE LETTER 1

 

CHINA SOUTHERN AIRLINES

COMPANY LIMITED

No278, Airport Road Baiyun District,

Guangzhou 510405

People's Republic of China

 

Subject : [***]

 

CHINA SOUTHERN AIRLINES COMPANY LIMITED
(the "Buyer"), AIRBUS S.A.S. (the "Seller") and CHINA SOUTHERN AIRLINES GROUP IMPORT AND EXPORT
TRADING CORP., LTD. (the "Consenting Party") have entered into:

 

		(I)	an aircraft general terms agreement dated February 2nd, 2010 (the “AGTA”);
and

 

		(II)	an A330-300 aircraft purchase agreement dated December 5th, 2012 (the “Purchase
Agreement”); and

 

		(III)	an amendment N°1 to the Purchase Agreement (the “Amendment N°1”)
dated July 1st, 2014; and

 

		(IV)	an amendment N°2 to the Purchase Agreement (the “Amendment N°2”) on
February 20th, 2015

 

hereinafter collectively referred to as
the “Agreement”.

 

The Buyer and the Seller, with the consent
of the Consenting Party, have entered on even date herewith into an amendment N°3 to the Purchase Agreement (the “Amendment
N°3"), which covers the manufacture and the sale by the Seller and the purchase by the Buyer of the Second Batch Aircraft
as described in the Amendment N°3.

 

Capitalized terms used herein and not otherwise
defined in this Side Letter shall have the meanings assigned thereto in the Agreement or in the Amendment N°3.

 

The Seller and the Buyer and the Consenting
Party are referred to together as the "Parties" and each a "Party".

 

The Parties agree that this Side Letter,
upon execution thereof, shall constitute an integral, nonseverable part of the Amendment No3 and shall be governed by all
its provisions, as such provisions have been specifically amended pursuant to this Side Letter.

 

If there is any inconsistency between the
Agreement, the Amendment N°3 and this Side Letter, the latter shall prevail to the extent of such inconsistency.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	SL1	Page 1/4
	CT1102624	 	Private & Confidential

 

     

     

    

 

SIDE LETTER 1

 

		1	[***]

 

			[***]

 

[***]

 

		2	[***]

 

[***]

 

		3	Assignment

 

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

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	SL1	Page 2/4
	CT1102624	 	Private & Confidential

 

     

     

    

 

SIDE LETTER 1

 

		4	Confidentiality

 

For the purpose of this Clause
4, the “Buyer” shall be deemed to include a reference to the Consenting Party.

 

This Side Letter (and its existence)
shall be treated by the Parties as confidential and shall not, except as otherwise set out below, be released (or revealed) in
whole or in part to any third Party without the prior consent of the Parties. In particular, each Party agrees not to make any
press release concerning the whole or any part of the contents and/or subject matter hereof or of any future addendum hereto without
the prior consent of the other Parties. Notwithstanding the foregoing, in the event that any law, regulation, stock exchange or
government authority requires the disclosure of this Side Letter (or its existence) or any part thereof, the Party which is subject
to such requirement shall advise the other Party of what is required and proposed to be disclosed and the parties shall consult
with a view to (i) limiting any such disclosure to what is strictly required and (ii) obtaining (to the extent possible) the assurance
of the party to whom such disclosure is made that any such disclosure will be treated confidentially.

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	SL1	Page 3/4
	CT1102624	 	Private & Confidential

 

     

     

    

 

SIDE LETTER 1

 

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

 

	Agreed and Accepted	Agreed and Accepted
	 	 
	For and on behalf of	For and on behalf of

 

	CHINA SOUTHERN AIRLINES	AIRBUS S.A.S.
	COMPANY LIMITED	 

 

	Signature:	 	 	Signature:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

 

Witnessed and acknowledged by:

 

CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.

 

	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

	 	Date:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	SL1	Page 4/4
	CT1102624	 	Private & Confidential

 

     

     

    

 

SIDE LETTER 1

 

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

 

	Agreed and Accepted	Agreed and Accepted
	 	 
	For and on behalf of	For and on behalf of
	 	 
	CHINA SOUTHERN AIRLINES	AIRBUS S.A.S.
	COMPANY LIMITED	 

 

	Signature:	 	 	Signature:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

 

Witnessed and acknowledged by:

 

CHINA SOUTHERN AIRLINES GROUP

IMPORT AND EXPORT TRADING CORP., LTD.

 

	Signature:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

	 	Date:	 

 

“[***]” This information is subject to confidential
treatment and has been omitted and filed separately with the commission

 

	CSN – AM3 to A330 PA dated December 2012	SL1	Page 4/4
	CT1102624	 	Private & ConfidentialExhibit 4.28

 

 

Supplemental Agreement to the Financial
Services Framework Agreement

 

 

 

This Agreement is
entered into by and between the following parties in            as of ____________ :

 

 

 

Party A: China Southern Airlines Company
Limited (中国南方航空股份有限公司)
(hereinafter referred to as “Party A”)

 

Domicile: No. 278, Ji Chang Road, Guangzhou

 

Legal Representative: Si Xianmin

 

 

 

Party B: Southern Airlines Group Finance
Company Limited (中国南航集团财务有限公司)
(hereinafter referred to as “Party B”)

 

Domicile: No. 17, Hangyun South Street,
Baiyun District, Guangzhou

 

Legal Representative:

 

  

 

 

Based on the Financial
Services Framework Agreement entered into between Party A and Party B on 8 November 2013 (hereinafter referred to as the “Original
Agreement”), this supplemental agreement is entered into by both parties on the basis of equality and mutual benefit and
through friendly consultations, the specific terms of which are as follows:

 

1.Clause
1 of Article 8 (the “Transaction Cap”) of the Original Agreement shall be amended as follows: “Both parties to
the Agreement agree that, with effect from the effective date of the Agreement, the balance of Party A’s deposits placed
with Party B (including the corresponding interest accrued thereon) shall not exceed RMB8 billion on any given day, nor should
the balance of the outstanding loan provided by Party B (including the corresponding interests payable accrued thereon) exceed
the above-mentioned level on any given day.”

 

     

     

    

 

2. This supplemental
agreement shall be deemed as supplemental to the Original Agreement. In case of any inconsistency between the Original Agreement
and this supplemental agreement, this supplemental agreement shall prevail.

 

3. After approved
at the board meeting and general meeting of Party A, this supplemental agreement shall be effective from the date of obtaining
approval at the board meeting and general meeting of Party A and upon being signed and affixed with an official seal by both parties.

 

4. This supplemental
agreement is made in four counterparts with two copies held by each party, which shall have the same legal effect.

 

(Remainder of this page
is intentionally left blank)

 

 

 

Party A: China Southern
Airlines Company Limited

 

Authorized Representative:

 

 

 

 

 

Party B: Southern Airlines
Group Finance Company Limited

 

Authorized Representative:

 

 

    2

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