RMB 20 Billion Credit Line Provided to China Southern Airlines;
Key Strategic Pact Inked with China Construction Bank

GUANGZHOU, China - April 9, 2009 - China Southern Airlines, (NYSE:ZNH) (HKSE: 1055) (SHA: 600029) -www.csair.com/global - the newest member of SkyTeam and the largest airline in The People's Republic of China is pleased to announce a new strategic cooperation agreement and capital settlement network cooperation agreement with China Construction Bank.

As part of the new pact, China Construction Bank will provide an RMB 20 Billion comprehensive line of credit to China Southern Airlines.

Mr. Liu Baoheng, Chief Accountant of China Southern Air Holding Company(F,L) and Mr.Gu Jingpu, Wholesale Business Director,(F,R) of the Construction Bank of China Signed an agreement on behalf of the two sides. Mr. Si Xian Min, President of China Southern Air Holding Company, Mr. Zhang Jian Guo, President of the construction Bank of China and Mr. Tan Wan'geng, President of China southern Airlines Co., Ltd witnessed the singing

According to Mr. Si Xian Min, President of China Southern Air Holding Company & Chairman of China Southern Airlines, said the new agreement with China Construction Bank will, “carry out multi-level and all-dimensional cooperation in the field of credit aid; financial consultation; international settlement; cash management; capital settlement; construction consulting and company pension. China Southern Airlines will be given an RMB 20 billion credit line for financial leasing; short-term loans in domestic and foreign currency; medium and long term loans; bill acceptance and discount; factoring service; assurance service; letter of credit and trade finance.”

Mr. Si Xian Min, President of China Southern Air Holding Company & Chairman of China Southern Airlines addressed at the contract signing ceremony

Mr. Si added that, “in face of the current global economic downturn and waning demand, China Southern still recorded steady growth in passenger traffic in First Quarter 2009.  China Southern expects this new bank-enterprise cooperation to bolster its business and bring new possibilities.”

Mr. Zhang Jian Guo, President, China Construction Bank expressed confidence in China Southern’s financial performance and social reputation and said “the substantial and superior services of China Southern contribute to a strong brand image in the market.”

About China Construction Bank
 
The history of the China Construction Bank Corporation (“the Bank”) dates back to 1954 when the People’s Construction Bank of China was founded. This entity was renamed China Construction Bank in 1996. China Construction Bank Corporation was formed in September 2004 when it separated from its predecessor, China Construction Bank, and assumed its commercial banking business and related assets and liabilities.

Headquartered in Beijing, CCB had a network of 13,374 branches and sub-branches in Mainland China as of 31 December 2008, and maintained overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul, as well as representative offices in New York, London and Sydney. The Bank holds a 100% interest of China Construction Bank (Asia) Corporation Limited, CCB International (Holdings) Co., Ltd., and holds a controlling interest of Sino-German Bausparkasse Corporation Ltd, CCB Principal Asset Management Co., Ltd. and CCB Financial Leasing Corporation Ltd. It has a total of approximately 300,000 staff.

Mr. Si Xian Min, President of China Southern Air Holding Company & Chairman of China Southern Airlines(F,L1),and Mr. Zhang Jian Guo, President（F,R1）, China Construction Bank exchanged gifts at the contract signing ceremony 

The Bank was listed on the Stock Exchange of Hong Kong Limited (Stock Code: 939) on 27 October 2005 and was listed on the Shanghai Stock Exchange (SSE Code: 601939) on 25 September 2007.

About China Southern Airlines

The newest member of SkyTeam – www.skyteam.com – and the largest airline in The People’s Republic of China for the past 30 years, China Southern Airlines - www.csair.com/global - connects more than 80 cities around the globe. Major business and vacation destinations served in China include: Beijing, Chengdu, Guangzhou, Guilin, Hong Kong, Kunming, Shanghai, Shenzhen and Wuhan and as well as International service, including: Amsterdam, Bangkok, Fukuoka, Hanoi, Ho Chi Minh City, Islamabad, Kuala Lumpur, Jakarta, Lagos, Los Angeles, Manila, Melbourne, Moscow, Osaka, Paris, Penang, Phnom Penh, Seoul, Singapore, Sydney and Tokyo.

For China Southern Airlines reservations and information, please contact your local travel agent.