Air China Limited's ADR Program is Launched

Air China Limited
                  

Air China Limited ('Air China' or the 'Company') today announced the launching
of its sponsored American Depositary Receipt (ADR) program (OTC: AIRYY).
JPMorgan is acting as the depositary bank for this ADR program.

Each Air China ADR (CUSIP 00910M 10 0) represents 20 common shares traded on the
Hong Kong Stock Exchange (HKEX).

Commenting on the ADR program, Air China Executive Director and Chief Financial
Officer, Mr. Fan Cheng said that Air China was the most profitable airline
company in China and the Company believes that this Level One American
Depositary Receipt (ADR) program will contribute to continued success and
broaden the company's horizons globally. 'We believe that JPMorgan's experienced
ADR team and platform will both enhance our visibility and broaden our
all-important international investor base, which could in turn boost the
valuation of our company' said Mr. Fan.

Patrick Colle, Global Client Management Executive for DR Services at JPMorgan,
said he was delighted that Air China had selected JPMorgan as depositary for its
ADR program. 'The US market offers tremendous depth and liquidity in all
sectors, including the airline industry. Air China is the leading airline
company in China and we look forward to working with Air China to raise its
profile in the US market, and help it benefit from the continuously strong US
demand for foreign equities,' Mr. Colle said.

About Air China Limited

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 in
China. It is primarily based in Beijing with its operational center and
extensive route network serving major Chinese cities and international
destinations. It has the largest share of air transportation business (as
measured by total traffic volume) for the Beijing Capital International Airport.
It also provides airline-related services, including aircraft maintenance,
ground services and in-flight catering services in Beijing, Chengdu, Hong Kong
and other locations through its own business units and joint ventures. As of 31
December 2005, it operated a fleet of 176 aircraft, serving 69 domestic and 37
international and regional destinations. Air China was listed on Hong Kong Stock
Exchange and London Stock Exchange on 15 December with code as 0753 and AIRC
respectively. On 4 August 2004, Air China was designated as the sole official
airline partner of the Beijing Olympic Games.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm
with assets of $1.2 trillion and operations in more than 50 countries. The firm
is a leader in investment banking, financial services for consumers, small
business and commercial banking, financial transaction processing, asset and
wealth management, and private equity. A component of the Dow Jones Industrial
Average, JPMorgan Chase serves millions of consumers in the United States and
many of the world's most prominent corporate, institutional and government
clients under its JPMorgan and Chase brands. Information about the firm is
available at www.jpmorganchase.com.

For Media Contact:
Air China
Mr. Wang Kai
Tel: [phone]
Email: [e-mail]

Christensen
Ms. Jane Liu/ Mr. Hon Fung
Tel: [phone]
Fax: [phone]
Email: [e-mail] / [e-mail]