Results Highlights

Hong Kong — April 28, 2011 — Air China Limited (“Air China” or “the Company,” together with its subsidiaries, collectively “the Group”) (HKEX: 00753; LSE: AIRC; SSE: 601111: ADR OTC: AIRYY), today announced its results[1] for the three months ended 31 March 2011 (“the Period”).

Operating and Business Highlights

In the first quarter of this year, benefiting from the gradual recovery of Chinese economy, the domestic airline industry maintained its growth momentum carried over from last year. However, the impact of the unstable political condition in North Africa, the earthquake in Japan and fluctuations in oil price have slowed down the growth of international traffic and cargo business.

Facing such market challenges, the Company managed to record a good performance by implementing its growth strategies. During the Period, the Group's operating revenue was RMB21.25 billion, representing an increase of 44.6% year-on-year. Operating profit decreased by 11.5% compared with the same period in 2010 to RMB2.25 billion. Net profit reached RMB1.67 billion, representing a drop of 23% compared with a net profit of RMB2.17 billion in the first quarter 2010.

During the Period, passenger capacity, measured by Available Seat Kilometer (“ASK”), rose by 36.7% year-over-year to 36.35 billion. Passenger traffic measured by Revenue Passenger Kilometers (“RPK”) was 28.83 billion, up 37.9% from the first quarter of 2010.  Passenger traffic or RPK on international, domestic and regional routes increased by 7.0%, 60.2% and 10.1% year-on-year to 8.33 billion, 19.36 billion and 1.14 billion respectively. The passenger load factor was 79.3%, an increase of 0.7 percentage point compared with the same period in 2010. The load factor for domestic routes was 81.5%, up 4.5 percentage points year-over-year; while those for international and regional routes were 75.8% and 71% respectively, representing a decrease of 6.2 and 2.8 percentage points year-over-year.

During the Period, cargo capacity, measured by Available Freight Tonne Kilometers (“AFTK”), increased by 10.7% year-on-year to 1.99 billion. Cargo traffic, measured by Revenue Freight Tonne Kilometers (“RFTK”), rose by 9.6% to 1.13 billion. The cargo and mail load factor was 57.1%, a decline of 0.6 percentage point year-on-year.

* Note: 2010 year-on-year figures exclude Shenzhen Airlines’ figures

Outlook

Mr. Kong Dong, Chairman of Air China said, “Our overall operations sustained steady growth in the first quarter of this year albeit affected by the global political volatility, the earthquake disaster and other factors. Seizing the opportunities from the continuous recovery of the global aviation industry, stable macroeconomic growth in China and the increasing synergies with Cathay Pacific and Shenzhen Airlines, we expect to see greater room for growth this year. Taking into account the uncertainties such as sudden unexpected incidents, jet fuel price hikes, greater competition from high-speed railways and exchange rate fluctuations, we remain optimistic about the overall market this year yet will be prudent about our approach to business”.

About Air China

Air China Limited (Air China) is the national flag carrier of China and a leading provider of air passenger, air cargo and airline-related services and products in China. Its operational headquarters is in Beijing, a major domestic and international hub in China. It also provides airline-related services, including aircraft maintenance, ground handling services in Beijing, Chengdu, and other locations. As of 31 December, 2010, the Company operated a fleet of 282 aircraft. The Company’s network covers 32 countries and regions, including 47 international, 91 domestic, and 3 regional cities. Air China was listed on Hong Kong Stock Exchange and London Stock Exchange on December 15, 2004 under codes 00753 and AIRC respectively. On August 18, 2006, Air China was listed on Shanghai Stock Exchange under code 601111. For further details, please visit Air China’s website: www.airchina.com.cn.

Safe Harbor Statement

This press release contains projections and forward-looking statements that reflect the company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur that projections will be achieved, or that the company’s assumptions are correct. Actual results may differ materially from those projected.

Investor Relations and Media Enquiry:

 [1]All figures are unaudited and stated according to PRC GAAP.