Joint Announcement

Air China Ld
10 April 2006


The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement.


AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's
Republic of China with limited liability)
(Stock Code: 753)


CATHAY PACIFIC AIRWAYS LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 293)


CHINA NATIONAL AVIATION COMPANY LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 1110)

CITIC PACIFIC LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 267)


SWIRE PACIFIC LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Codes: 19 and 87)



Joint Announcement

This announcement is made under Listing Rule 13.09 at the request of the Stock
Exchange following certain reports in the media.  Air China, Cathay Pacific,
CNAC, CITIC Pacific and Swire Pacific confirm that discussions are taking place
about operational cooperation between Cathay Pacific and Air China and about the
realignment of shareholdings in Cathay Pacific, Air China and Dragonair. 
However, there is no agreement or arrangement which is discloseable under the
Listing Rules.  In particular, Swire Pacific intends to remain the principal
shareholder in Cathay Pacific in the long term; Air China understands CNAHC
intends to remain the controlling shareholder of Air China in the long term;
although CITIC Pacific may reduce its interest in Cathay Pacific, it intends to
remain in the long term a significant shareholder in Cathay Pacific; and Air
China has no current intention to privatise CNAC.

This joint announcement is made under Listing Rule 13.09 at the request of the
Stock Exchange following certain reports in the media.  Air China, Cathay
Pacific, CNAC, CITIC Pacific and Swire Pacific confirm that discussions are
taking place about operational cooperation between Cathay Pacific and Air China
and about the realignment of shareholdings in Cathay Pacific, Air China and
Dragonair.  However, there is no agreement or arrangement which is discloseable
under the Listing Rules.  In particular, Swire Pacific intends to remain the
principal shareholder in Cathay Pacific in the long term; Air China understands
CNAHC intends to remain the controlling shareholder of Air China in the long
term; although CITIC Pacific may reduce its interest in Cathay Pacific, it
intends to remain in the long term a significant shareholder in Cathay Pacific;
and Air China has no current intention to privatise CNAC.

The discussions between Air China and Cathay Pacific about operational
cooperation are designed to strengthen cooperation between them in various
business and operational areas.  It is intended that Dragonair is to maintain
its brand and identity and that it will remain a principal airline in the Hong
Kong and China mainland aviation markets.

In the meantime, shareholders of and potential investors in Air China, Cathay
Pacific, CNAC, CITIC Pacific and Swire Pacific are recommended to exercise
caution when dealing in or investing in the shares of Air China, Cathay Pacific,
CNAC, CITIC Pacific and Swire Pacific.



Definitions

In this announcement, the following expressions have the meanings set out below,
unless the context otherwise requires:
                    
'Air China'         Air China Limited (Stock Code: 753), a company incorporated 
                    in the PRC with primary listing on the Stock Exchange and 
                    secondary listing on the Official List of the UK Listing 
                    Authority;

'Cathay Pacific'    Cathay Pacific Airways Limited (Stock Code: 293), a company 
                    incorporated in Hong Kong and listed on the Stock Exchange;

'CITIC Pacific'     CITIC Pacific Limited (Stock Code: 267), a company 
                    incorporated in Hong Kong and listed on the Stock Exchange;


'CNAC'              China National Aviation Company Limited (Stock Code: 1110), 
                    a company incorporated in Hong Kong and listed on the Stock 
                    Exchange;

'CNAHC'             China National Aviation Holding Company;

'Dragonair'         Hong Kong Dragon Airlines Limited, a company incorporated in 
                    Hong Kong and an airline based in Hong Kong;

'Listing Rules'     Rules Governing the Listing of Securities on the Stock 
                    Exchange;
                    
'PRC'               People's Republic of China;

'Stock Exchange'    The Stock Exchange of Hong Kong Limited;

'Swire Pacific'     Swire Pacific Limited (Stock Codes: 19 and 87), a company 
                    incorporated in Hong Kong and listed on the Stock Exchange.



Directors

As at the date of this announcement, the directors of Air China are:

Executive Directors:  Li Jiaxiang (Chairman), Kong Dong, Wang Shixiang, Yao
Weiting, Ma Xulun, Cai Jianjiang, Fan Cheng; and
Independent Non-Executive Directors:  Hu Hung Lick, Henry, Wu Zhipan and Zhang
Ke.

As at the date of this announcement, the directors of Cathay Pacific are:

Executive Directors:  Christopher Pratt (Chairman), Robert Atkinson, Philip
Chen, Derek Cridland and Tony Tyler;
Non-Executive Directors:  Martin Cubbon, Henry Fan, James Hughes-Hallett, Vernon
Moore,  Carl Yung and Zhang Xianlin; and
Independent Non-Executive Directors:  Peter Lee, Raymond Or, Jack So and Tung
Chee Chen.


As at the date of this announcement, the directors of CNAC are:

Executive Directors:  Kong Dong (Chairman), Chuang Shi Ping, Zhang Xianlin, Zhao
Xiaohang, Tsang Hing Kwong, Thomas and Gu Tiefei; and
Independent Non-Executive Directors:  Lok Kung Nam, Hu Hung Lik, Henry, Ho Tsu
Kwok, Charles, Li Kwok Heem, John and Chan Ching Har, Eliza.

As at the date of this announcement, the directors of CITIC Pacific are:

Executive Directors:  Larry Yung Chi Kin (Chairman), Henry Fan Hung Ling, Peter
Lee Chung Hing, Norman Yuen Kee Tong, Vernon Francis Moore, Li Shilin, Carl Yung
Ming Jie, Liu Jifu, Leslie Chang Li Hsien, Chau Chi Yin, Milton Law Ming To and
Wang Ande;

Non-Executive Directors:  Willie Chang, Andre Desmarais and Peter Kruyt
(alternate director to Andre Desmarais);

Independent Non-Executive Directors:  Hamilton Ho Hau Hay, Alexander Reid
Hamilton, Hansen Loh Chung Hon and Norman Ho Hau Chong.


As at the date of this announcement, the directors of Swire Pacific are:

Executive Directors:  Christopher Pratt (Chairman), Philip Chen, Martin Cubbon,
Davy Ho and Keith Kerr;

Non-Executive Directors:  Baroness Dunn, James Hughes-Hallett, Peter Johansen
and Sir Adrian Swire; and

Independent Non-Executive Directors:  Clement Kwok, Chien Lee, Marjorie Yang,
Michael Sze and Vincent Cheng.


By Order of the Board                             By Order of the Board

Air China Limited                                 Cathay Pacific Airways Limited
Zheng Baoan     Li Man Kit                        David Fu
Joint Company Secretaries                         Company Secretary
Beijing, 10th April 2006                          Hong Kong, 10th April 2006

By Order of the Board                             By Order of the Board

China National Aviation Company Limited           CITIC Pacific Limited
Li Man Kit                                        Alice Tso Mun Wai
Company Secretary                                 Company Secretary
Hong Kong, 10th April 2006                        Hong Kong, 10th April 2006

By Order of the Board

Swire Pacific Limited
David Fu
Company Secretary
Hong Kong, 10th April 2006


Please refer to the published version of this announcement in South China
Morning Post and The Standard.




                      This information is provided by RNS
            The company news service from the London Stock Exchange