Summary The board of directors (the "Board") of China Eastern Airlines Corporation Limited (the "Company") has noted the reports in certain recent newspaper articles about: (a) the possible disposal (the "Disposal") of shares in China Cargo Airlines by the Company to China Airlines; and (b) the possible acquisition (the "Acquisition") by the Company of an interest in Great Wall Airlines . The Board has also noted the recent increases in the price and trading volume of the shares of the Company. At the request of the Hong Kong Stock Exchange, the Board makes this announcement: (i) to clarify the current status of the Disposal and the Acquisition; and (ii) to make clear that the Board is aware of no other matters which can explain the increases in the share price and trading volume.

This statement is made at the request of the Hong Kong Stock Exchange.

The Board has noted the reports in certain recent newspaper articles about the Disposal and the Acquisition. The Board confirms as follows:

(1) discussions have taken place in respect of the Disposal and the Acquisition, but the discussions are at a preliminary stage; and

(2) no agreement has been signed in respect of either the Disposal or the Acquisition, and the size and timing and the detailed terms of each of the Disposal and the Acquisition have not been finalized.

The Board further confirms that once formal agreements have been signed and if any disclosure and/or approval requirements have arisen under the Listing Rules, the Board will ensure that the Company complies with those requirements.

The Board has noted the recent increases in the price and trading volume of the shares of the Company and wish to state that, save as disclosed above, the Board is not aware of any reasons for such increases.

The Board also confirms that, save as disclosed above, there are no negotiations or agreements relating to intended acquisitions or disposals which are discloseable under paragraph 3 of the Listing Agreement. Neither is the Board, save as disclosed above, aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature.

Investors are reminded to exercise caution in dealing in the shares of the Company.

Made by the order of the Board of China Eastern Airlines Corporation Limited, the directors of which individually and jointly accept responsibility for the accuracy of this statement.

By order of the Board

Luo Zhuping
Company Secretary

20 July 2000, Shanghai, P.R.C.

Please also refer to the published version of this announcement in the South China Morning Post and Economic Times.

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