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Air China honored the Best Information Disclosure Company
of China in 2006 by Shanghai Stock Exchange

Great efforts have been made by Chinese listed companies to enforce the transparency of Chinese securities market, to drive the enhancement of the corporate governance of Chinese companies, to safeguard the interests of investors and to maintain the stable market order. In order to encourage and commend these efforts, the Shanghai Securities News and CNSTOCK.COM has jointly initiated the Best Practice Contest for Listed Companies in China. Upon the announcement of the 2006 event results on December 1st, Air China was honored the Best Information Disclosure Company of China. Air China's Secretary of Board of Directors Mr. Zheng Bao'an also received the award of the Best Secretary of Board of Directors In Chinese Listed Companies in 2006 by Shanghai Stock Exchange.

Information Disclosure refers to an action of disclosing company related information to investors and the public by means of prospectus, regular reports and interim reports. The fundamental principle of information disclosure is authenticity, accuracy, completion as well as openness, fairness and justness. The award gained by Air China represented the apparent improvement of company transparency since the past two years after Air China's IPO. Investor interests are effectively protected and the investment value of the company is also well recognized in the marketplace, which will be helpful for the Company to further explore its market value and build the good image of trust and sincerity.

During the past two years after its IPO, Air China has been committed to improving the company transparency. Upon IPO, Air China issued the Information Disclosure Guidelines and established an information communicator reporting mechanism. The 2004 and 2005 annual and interim results of the company were published subsequently and quarterly results will also be released from the third quarter of this year according to the domestic listing rules. Air China has focused on disclosure of not only the regular reports but also the interim reports including 14 interim reports since A share issue. In addition, both mandatory and voluntary disclosures are conducted at the mean time and the monthly operational results of the company are also released at the intranet of the company. Disclosure is also conducted on an ongoing basis in both domestic and overseas markets at the same time based on domestic and international accounting standards. Information on A share issue, Constellation Project, privatization of CNAC has all been disclosed continuously in accordance with the standard. Having the investors' interests as the priority, Air China's continuous efforts in the past two years have won it high recognition by investors.