CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS

This document may contain certain forward-looking information about China
Eastern Airlines Corporation Limited (the “Company”) that are intended to be
covered by the safe harbor for “forward-looking statements” provided by the
Private Securities Litigation Reform Act of 1995 and any other similar laws
that may apply.  Forward-looking statements are statements that are not
historical facts.  Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”,
“may”, “anticipate(s)” and similar expressions are intended to identify
forward-looking statements.  These statements include, but are not limited to,
financial projections and estimates and their underlying assumptions;
statements regarding plans, objectives and expectations with respect to future
operations, products and services; and statements regarding future
performance.  Such statements are subject to certain risks and uncertainties,
many of which are difficult to predict and generally beyond the control of the
Company, that could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking information and
statements.  These risks and uncertainties include, but are not limited to:
those discussed and identified in public filings with the U.S. Securities and
Exchange Commission (“SEC”) made by the Company; changes in regulatory
policies (including those relating to airfare pricing) of the Civil Aviation
Administration of China; the effects of competition on the demand for and the
price of the Company’s services; changes in global economic conditions,
including the economic development and conditions of countries served by
flights of the Company; changes to the economic or political condition of
China; fluctuations in the cost and availability of aviation fuel;
fluctuations in exchange rates between the Renminbi or the Hong Kong dollar,
on the one hand, and the United States dollar or the Japanese Yen, on the
other hand; the Company’s ability to obtain adequate financing on commercially
acceptable terms; a downgrade in the Company’s financial strength ratings;
significant acquisitions or divestitures by major competitors and future
terrorist activities.  Readers are cautioned not to place undue reliance on
these forward-looking statements because they speak only as of the date on
which they were made. The Company does not undertake any obligation to
republish revised forward-looking statements to reflect events or
circumstances after the date of these forward-looking statements or to reflect
the occurrence of unanticipated events.  Readers are also urged to carefully
review and consider the various disclosures in the Company’s various SEC
reports, including, but not limited to, its Annual Report on Form 20-F for the
year ended December 31, 2004.