CNAC<01110> - Exceptional Price & Turnover Movements

The Stock Exchange has received a message from China National Aviation 
Company Limited which is reproduced as follows:-

"This statement is made at the request of The Stock Exchange of Hong Kong 
Limited.

We have noted the recent movements in the price and trading volume of the 
shares of the Company and wish to state that we are not aware of 
any reasons for such movements.

We also confirm that there are no negotiations or agreements relating to 
intended acquisitions or realisations which are discloseable under 
paragraph 3 of the Listing Agreement, neither is the Board aware of any 
matter discloseable under the general obligation imposed by paragraph 2 of 
the Listing Agreement, which is or may be of a price-sensitive nature.

Made by the order of the Board of China National Aviation Company Limited 
the directors of which individually and jointly accept responsibility for 
the accuracy of this statement.


For and on behalf of
China National Aviation Company Limited

LI Man Kit
Company Secretary

21 January 2004"