CNAC<01110> - Unusual volume movement

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 increase in the 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 rule 
13.23, neither is the Board aware of any matter discloseable under the 
general obligation imposed by rule 13.09, which is or may be of a price-
sensitive nature.

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

As at the date of this statement, the executive Directors are Messrs. Kong 
Dong, Chuang Shih Ping, Zhang Xianlin, Tsang Hing Kwong, Thomas, Gu Tiefei 
and Zhao Xiaohang and the independent non-executive Directors are Messrs. 
Lok Kung Nam, Hu Hung Lick, Henry, Ho Tsu Kwok, Charles, Li Kwok Heem, 
John and Chan Ching Har, Eliza."

For and on behalf of 
China National Aviation Company Limited

LI Man Kit
Company Secretary 

4 January 2005"