FOR IMMEDIATE RELEASE

28th June 2002

Hong Kong Aircraft Engineering Co. Ltd. (HAECO) and China Airlines (CAL) have signed a Memorandum of Understanding to evaluate opportunities for co-operation in aircraft maintenance, repair and overhaul.

HAECO and CAL will work together to review the aircraft maintenance and repair activities and to share knowledge and experience. Mr. P. K. Chan, Deputy Chairman & Chief Executive Officer of HAECO, will act as an adviser on aircraft maintenance to Mr. Philip Wei, President of China Airlines. Mr. P.K. Chan commented, "China Airlines and HAECO have developed a close business relationship during the last 35 years and we look forward to collaborating even more closely in the future. A joint project team has been formed to explore ways in which the resources of both companies can be best utilized to enhance quality, competitive and efficient aircraft maintenance services in support of China Airlines' global flight network."

Mr. Philip Wei said, "Through this closer cooperation with HAECO, we will be able to share expertise, leverage resources, and explore market opportunities, thus enhancing the maintenance quality and efficiency of China Airlines". This new initiative follows China Airlines' signing a memorandum with the well-known French company, Snecma, to set up a joint engine maintenance facility in Taiwan.

HAECO, one of the world's leading aeronautical engineering groups, is engaged in the maintenance, modification, repair and overhaul of commercial aircraft and their components. HAECO was established in 1950 and has 3,600 employees. At Hong Kong International Airport, it is the only aircraft maintenance facility able to offer a comprehensive package covering transit and technical services with full hangar support. It is publicly listed on the Hong Kong Stock Exchange.

China Airlines operates one of the largest and most modern aircraft maintenance facilities in Asia and is the market leader for aircraft maintenance in Taiwan. In addition to undertaking high level maintenance of its own fleet, China Airlines' Engineering and Maintenance Division also performs third party service work for other airlines.

China Airlines Roger Han/ Joseph Wu/ Charles Chen. Tel: (8862) 2514-5750, 5751, 5768 Fax: (8862) 2514-5754 http://www.china-airlines.com

HAECO Andy Herdman Tel: (852) 2840-8092 Mrs. Maisie Shun Wah Tel: (852) 2840-8097 http://www.haeco.com

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