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(a joint stock limited company incorporated in the People's Republic of China with limited liability)

ANNOUNCEMENT

Summary

The board of directors (the "Board") of China Eastern Airlines Corporation Limited (the "Company") has noted the reports (the "Reports") in certain recent newspaper articles about the proposed acquisition of Air Great Wall (the "Acquisition") by the Company to be financed by way of new issue of H shares in the Company.

At the request of the Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Board makes this announcement in relation to the content of the Reports.

This announcement is made at the request of the Stock Exchange.

Further to the Company's announcement dated 20 July 2000, the Board has noted certain recent newspaper reports about the Acquisition. In this regard, the Board would like to clarify as follows:

1. As stated in the interim results announcement of the Company dated 24 August 2000, the Board passed resolutions on 24 August 2000 to acquire a 55% interest in Air Great Wall which is based in Ningbo, Zhejiang province. Air Great Wall is directly controlled and administered by the Civil Aviation Administration of China and operates over 30 domestic routes serving over 20 large and medium cities in China. According to the current timetable, the Acquisition is expected to be completed by the end of this year. As at the date of this announcement, no agreement has been signed by the parties and the detailed terms of the Acquisition have not been finalized.

2. The Company currently has no plan to issue new H shares to finance the Acquisition. Nor does the Company currently expect the Acquisition to be a notifiable transaction under Chapter 14 of the Rules Governing the Listing of Securities on the Stock Exchange.



By order of the Board

Luo Zhuping
Company Secretary

29 August 2000, Shanghai, the People's Republic of China

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

Source: China Eastern Airlines Corporation Limited
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