1st Quarter Results

Air China Ld
24 April 2008


             Air China Limited Announces 2008 First Quarter Results

     •    Operating revenue grew 21.8% y-o-y to RMB12.76 billion from RMB10.47
          billion

     •    Operating profit rose 114% y-o-y to RMB1.10 billion from 
          RMB0.51 billion

     •    Net profit attributable to shareholders grew 147% y-o-y to RMB1.04 
          billion from RMB0.42 billion

     •    Basic earnings per share grew 147% to RMB0.09 from RMB0.04


Hong Kong - April 24, 2008 - Air China Limited ('the Company', HKEX: 753; LSE:
AIRC; SSE: 601111; ADR OTC: AIRYY) today announced its first quarter results for
the three months ended March 31, 2008 (the 'Period').

(Important notice: All figures in this report are unaudited and are prepared in
accordance with the PRC GAAP. The operating figures include those of Air Macau.)

In the first quarter of 2008, the Company's operating revenue increased 21.8%
y-o-y to RMB12.76 billion.  Operating profit rose 114% y-o-y to RMB1.10 billion.
Net Profit saw a y-o-y increase of 147% to RMB1.04 billion.  Earnings per
share and return on net asset were RMB0.09 and 3.27% respectively.

The growth in earnings was primarily attributed to the Company's effective
control of rising jet fuel costs and the ability to weather strong competition
from domestic and international carriers.  The Company's solid profitability
further cemented its leading position among Chinese carriers and further
established its brand recognition.

Operational and Business Highlights

The Company sustained a strong level of profitability during the traditional low
season in the first quarter.  Against the backdrop of a blooming domestic
market, the Company experienced steady improvement in operation performance.

During the period, the total number of passengers carried by the Company
increased 4.92% to 8.82 million.  Passenger load factor improved to 76.73%,
representing a 2.08 percentage point increase.  Cargo and mail carried decreased
3.31% y-o-y to 248 thousand tonnes in the first three months of 2008.  Cargo
load factor was 56.82%, a y-o-y increase of 5.15 percentage points.  The steady
improvement in passenger load factor provided a solid foundation for the
Company's earnings growth.

Passenger Services

Revenue passenger kilometer ('RPK') was 17.14 billion, an increase of 8.66% over
the same period of 2007.  International RPK was 7.36 billion, up 11.57% y-o-y.
Domestic RPK recorded a 6.68% y-o-y growth to 9.04 billion.  Regional (Hong Kong
and Macao) RPK was 0.74 billion, representing an increase of 5.45%.

For the first three months, the load factor of international, domestic and
regional routes were 74.86%, 78.93% and 70.22% respectively, representing y-o-y
growth of 2.15, 2.1 and 1.93 percentage points.  Total capacity measured by
available seat kilometer (ASK) saw a y-o-y increase of 5.72% to 22.34 billion.

Cargo Services

Revenue freight tonne kilometer ('RFTK') increased 0.69% to 0.883 billion.
Cargo capacity, measured by available freight tonne kilometer ('AFTK'),
decreased 8.44% from the same period of 2007 to 1.55billion. Cargo load factor
was 56.82%, a y-o-y increase of 5.15 percentage points.

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. Its operational head office is in Beijing. The Company's extensive route
network serves major Chinese cities and numerous international destinations,
with dominant market share 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 December 31, 2007, the Group operated a fleet of
220 aircraft, serving 121 destinations  in 27 countries. Air China was
listed on the Hong Kong Stock Exchange and the London Stock Exchange on December
15, 2004 under codes 0753 and AIRC respectively. On August 18, 2006, Air China
was listed on the Shanghai Stock Exchange under code 601111. On August 4, 2004,
Air China was designated as the sole official passenger airline partner of the
Beijing Olympic Games. 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.

Contact:


Air China:                                Investor:

Rao Xinyu, Head of IR                     Ruby Yim
Air China Limited                         Taylor Rafferty, Hong Kong
[phone]                        [phone]
[e-mail]             [e-mail]

Joyce Zhang                               Dana Johnston
Air China Limited                         Talyor Rafferty, New York
[phone]                        [phone]
[e-mail]           [e-mail]


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