Air China Ld

25 September 2026

If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult a stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professionaladviser.

IfyouhavesoldortransferredallyoursharesofAirChinaLimited,youshouldatoncehandthis circularandtheformofproxytothepurchaserortransfereeortothebank,stockbrokerorotheragent throughwhomthesalewaseffectedfortransmissiontothepurchaserorthetransferee.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthe wholeoranypartofthecontentsofthiscircular.

中國國際航空股份有限公司

AIR CHINA LIMITED

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 00753)

MAJORTRANSACTIONINRELATIONTOPURCHASEOFAIRCRAFT AND

NOTICEOFEXTRAORDINARYSHAREHOLDERS’MEETING

AletterfromtheBoardissetoutonpages5to12ofthiscircular.

AnoticeconveningtheEGMtobeheldat10:00a.m.onTuesday,3November2026atTheConference RoomC313,No.30TianzhuRoad,ShunyiDistrict,Beijing,thePRCissetoutonpagesEGM-1toEGM-2 ofthiscircular.WhetherornotyouareabletoattendtheEGM,youarerequestedtocompleteandreturn theaccompanyingformofproxyinaccordancewiththeinstructionsprintedthereonassoonaspossiblebut in any event not less than 24 hours before the time appointed for convening the EGM or any adjournmentthereof.Completionandreturnoftheformofproxywillnotprecludeyoufromattendingandvotingin personattheEGMoranyadjournmentthereofshouldyousowish.

24September2026

	Page
DEFINITIONS......................................................	1
LETTERFROMTHEBOARD..........................................	5
APPENDIXI–FINANCIALINFORMATIONOFTHE GROUP............... .	I-1
APPENDIXII–GENERALINFORMATION..............................	II-1
NOTICEOFEXTRAORDINARY SHAREHOLDERS’MEETING.................	EGM-1

Inthiscircular,unlessthecontextotherwiserequires,thefollowingexpressionshavethefollowing meanings:

“AIE”	Air China Import and Export Co., Ltd. (國航進出口有限公司), a companyincorporatedinthePRCwithlimitedliabilityanda wholly-ownedsubsidiaryoftheCompany
“AirChinaAircraftPurchase”	thepurchaseof15AirbusA350-900aircraftbytheCompany pursuanttotheAirChinaAircraftPurchaseAgreement
“AirChinaAircraftPurchase Agreement”	theagreementdated17July2026enteredintoamongthe Company, AIE and Airbus Company, pursuant to which theCompanyhasagreedtopurchaseandAirbusCompanyhasagreed tosell15AirbusA350-900aircraft
“AirbusAircraft”	the 15 Airbus A350-900 aircraft to be acquired by the Companyand/or the 40 Airbus A320NEO series aircraft to be acquired by ShenzhenAirlines
“AirbusCompany”	AirbusS.A.S.,acompanyincorporatedinToulouse,France
“AShare(s)”	ordinaryshare(s)inthesharecapitaloftheCompany,witha nominalvalueofRMB1.00each,whicharesubscribedforand tradedinRenminbiandlistedonShanghaiStockExchange
“associate(s)”	hasthemeaningascribedtoitundertheHongKongListingRules
“Board”	theboardofDirectorsoftheCompany
“CathayPacific”	CathayPacificAirwaysLimited
“CNACG”	China National Aviation Corporation (Group) Limited, a company incorporated under the laws of Hong Kong and a wholly-owned subsidiaryofCNAHC,whichdirectlyholdsapproximately9.51% of the Company’s issued share capital as at the Latest PracticableDate
“CNACHolding”	China National Aviation Capital Holding Co., Ltd., a wholly-owned subsidiaryofCNAHC
“CNAHC”	ChinaNationalAviationHoldingCorporationLimited,aPRC state-owned enterprise and the controlling shareholder of theCompany

“Company”or“AirChina”	Air China Limited, a company incorporated in the PRC, whose H Shares are listed on the Hong Kong Stock Exchange as its primary listingvenueandontheOfficialListoftheUKListingAuthority as its secondary listing venue, and whose A Shares are listed on Shanghai Stock Exchange. The Company is principally engaged in providingairpassenger,aircargoandrelatedservices
“Director(s)”	thedirector(s)oftheCompany
“EGM”	the 2026 extraordinary shareholders’ meeting of the Company to be held at The Conference Room C313, No. 30 Tianzhu Road, Shunyi District, Beijing, the PRC at 10:00 a.m. on Tuesday, 3 November2026
“Group”	theCompanyanditssubsidiariesfromtimetotime
“HShare(s)”	ordinaryshare(s)inthesharecapitaloftheCompany,witha nominalvalueofRMB1.00each,whicharelistedontheHong Kong Stock Exchange as primary listing venue and have beenadmitted into the Official List of the UK Listing Authority as secondarylistingvenue
“HShareholder(s)”	holder(s)oftheHShare(s)
“HK$”	HongKongdollars,thelawfulcurrencyofHongKong
“HongKong”	HongKongSpecialAdministrativeRegionofthePRC
“HongKongListingRules”or “ListingRules”	theRulesGoverningtheListingofSecuritiesontheHongKong StockExchange
“HongKongStockExchange”or “StockExchange”	TheStockExchangeofHongKongLimited

“KunhangInvestment”	Shenzhen Kunhang Investment Partnership (Limited Partnership), a limited partnership established in the PRC, Shenzhen KunpengEquity Investment Co., Ltd. holds 87.2338% of the partnership interests in Kunhang Investment, Shenzhen Finance and Financial Service Center (Shenzhen SME Credit Re-guarantee Center) holds 12.7535% of the partnership interests in Kunhang Investment, and ShenzhenKunpengZhanyiEquityInvestmentManagementCo., Ltd. holds 0.0128% of the partnership interests in KunhangInvestmentandservesastheexecutivepartner.ShenzhenKunpengEquityInvestmentCo.,Ltd.andShenzhenKunpeng Zhanyi Equity Investment Management Co., Ltd. are both wholly owned subsidiaries of Shenzhen Kunpeng Equity Investment ManagementCo.,Ltd.,andtheState-ownedAssetsSupervision and Administration Commission of Shenzhen Municipal People’s Government holds 99.5620% equity interests in Shenzhen Kunpeng EquityInvestmentManagementCo.,Ltd.
“LatestPracticableDate”	24 September 2026, being the latest practicable date prior to the publication of this circular for ascertaining certain information containedherein
“PRC”or“China”	the People’s Republic of China which, for the purpose of this circular, shall exclude Hong Kong, the Macau Special AdministrativeRegionofthePRCandTaiwan
“RMB”	Renminbi,thelawfulcurrencyofthePRC
“SFO”	theSecuritiesandFuturesOrdinance(Chapter571oftheLawsof HongKong)
“Share(s)”	share(s)oftheCompany
“Shareholder(s)”	holder(s)oftheShare(s)oftheCompany
“ShenzhenAirlines”	Shenzhen Airlines Company Limited, a limited liability company established in the PRC and a non-wholly owned subsidiary of the Company,whichisheldasto51.0000%,12.3655%and36.6345% by the Company, Shenzhen International Total and Kunhang Investmentasatthedateofthiscircular
“ShenzhenAirlinesAircraft Purchase”	the purchase of 40 Airbus A320NEO series aircraft by Shenzhen Airlines pursuant to the Shenzhen Airlines Aircraft Purchase Agreement

“ShenzhenAirlinesAircraft PurchaseAgreement”	the agreement dated 17 July 2026 entered into between Shenzhen Airlines and Airbus Company, pursuant to which Shenzhen Airlines has agreed to purchase and Airbus Company has agreed to sell 40 AirbusA320NEOseriesaircraft
“ShenzhenInternationalTotal”	Shenzhen International Total Logistics (Shenzhen) Co., Ltd., alimited liability company established in the PRC and an indirect wholly-ownedsubsidiaryofShenzhenInternationalHoldings Limited(00152.HK),acompanylistedontheStockExchange
“Transaction”	AirChinaAircraftPurchaseandShenzhenAirlinesAircraftPurchase
“substantialshareholder(s)”	hasthemeaningascribedtoitundertheHongKongListingRules
“US$”	UnitedStatesdollars,thelawfulcurrencyoftheUnitedStates
“%”	percent

中國國際航空股份有限公司

AIR CHINA LIMITED

(ajointstocklimitedcompanyincorporatedinthePeople’sRepublicofChinawithlimitedliability)

(StockCode:00753)

Directors: ExecutiveDirectors: Mr.LiuTiexiang(Chairman) Mr.QuGuangji Non-ExecutiveDirectors: Mr.CuiXiaofeng Mr.LamSiuPorRonald EmployeeRepresentativeDirector: Mr.XiaoPeng	RegisteredAddress: 1stFloor-9thFloor101 Building1 30TianzhuRoad ShunyiDistrict Beijing,thePRC PrincipalPlaceofBusinessinHongKong: 5thFloor,CNACHouse 12TungFaiRoad HongKongInternationalAirport HongKong
IndependentNon-ExecutiveDirectors: Mr.XuNiansha Mr.HeYun Ms.WinnieTamWan-chi Mr.GaoChunlei

24September2026

TotheShareholders DearSirorMadam,

MAJORTRANSACTIONINRELATIONTOPURCHASEOFAIRCRAFT

I.INTRODUCTION

ReferenceismadetotheannouncementoftheCompanydated17July2026inrelationto,among otherthings,theTransaction.

ThepurposeofthiscircularistoprovideyouwithfurtherinformationontheAirChinaAircraft Purchase and the Shenzhen Airlines Aircraft Purchase, as well as all the information reasonably necessary to enableyoutomakeaninformeddecisiononvotinginrespectoftherelevantresolutionsattheEGM.

II.MAJORTRANSACTION

1.Background

On 17 July 2026, (i) the Company and AIE entered into the Air China Aircraft Purchase Agreement with Airbus Company, pursuant to which the Company has agreed to purchase 15 Airbus A350-900 aircraft from Airbus Company; and (ii) Shenzhen Airlines, a subsidiary of the Company, entered into the Shenzhen Airlines Aircraft Purchase Agreement with Airbus Company, pursuant towhich Shenzhen Airlines has agreed to purchase 40 Airbus A320NEO series aircraft from Airbus Company.

ThedetailsoftheTransactionaresummarizedasfollows:

2.AirChinaAircraftPurchaseAgreement

Date:

17July2026

Parties:

(a)TheCompany, asthe purchaser,the principal business activitiesof which areair passenger,aircargoandairline-relatedservices;

(b)AIE,astheimportagentfortheCompany;and

(c)Airbus Company, as the vendor, one of whose principal business activities is aircraft manufacturing. Airbus Company is a subsidiary of Airbus SE, the principal business activities of which are designing, manufacturing and delivering aerospace products,services and solutions to customers on a worldwide scale. Airbus SE is listed on the EuropeanstockexchangesinParis,FrankfurtamMain,Madrid,Barcelona,Valencia andBilbao.

To the best of the Directors’ knowledge, information and belief, having made all reasonable enquiries, Airbus Company and its ultimate beneficial owner(s) are third parties independent of the Companyandconnectedpersons(asdefinedundertheListingRules)oftheCompany.

Aircrafttobeacquired:

15AirbusA350-900aircraft.

Consideration:

Theaircraftlistpricecomprisestheairframeprice,optionalfeaturespriceandengineprice.

Thelistpriceofthe15AirbusA350-900aircrafttobeacquiredbytheCompany,inaggregate, is approximately US$6.09 billion (price quoted as at January 2025) (equivalent to approximately RMB41.37billion,basedonthecentralparityrateofRMBagainstUSdollarpublishedbythe People’s Bank of China on the date of the Air China Aircraft Purchase Agreement, being US$1 to RMB6.7934).

Airbus Company has granted to the Company considerable price concessions with regard to the Airbus Aircraft. These concessions will take the form of credit memoranda which may be used by the CompanytowardsthefinalpricepaymentoftheAirbusAircrafttobeacquiredbytheCompanyor may be used for the purpose of purchasing goods and services from Airbus Company. Such credit memoranda were determined after arm’s length negotiations between the parties and as a result, theactual consideration for the Air China Aircraft Purchase is lower than the aircraft list price mentioned above.

The Air China Aircraft Purchase was negotiated and entered into in accordance with customary businesspractice.TheDirectorsconfirmthattheextentofthepriceconcessionsgrantedtothe CompanyintheAirChinaAircraftPurchaseiscomparablewiththepriceconcessionsthatthe CompanyhadobtainedinthepreviousaircraftpurchaseenteredintobetweentheCompanyand Airbus Company. The Company believes that there is no material impact of the price concessions obtained in the Air China Aircraft Purchase on the unit operating cost of the Company’s fleet. It isnormal business practice of the global airline industry to disclose the aircraft list price, instead of the actual price, for aircraft acquisitions. Disclosure of the actual consideration will result in the loss of considerablepriceconcessionsandhenceasignificantnegativeimpactontheGroup’scostforthe Air ChinaAircraft Purchase and will therefore not be in the interest of the Company and theShareholdersasawhole.

Accordingly, the Company has applied to the Stock Exchange and the Stock Exchange hasgranted such a waiver from strict compliance with Rules 14.58(4) and 14.66(4) of the Listing Rules in respectofdisclosureoftheactualconsiderationoftheAirChinaAircraftPurchase.

Payment,sourceoffundinganddeliveryterms:

TheaggregateconsiderationfortheAirChinaAircraftPurchaseispayablebycashin instalments. Upon the Air China Aircraft Purchase Agreement becoming effective, the Company will makepartialadvancepaymentsbyinstalmentsandsettletheremainingbalanceonthedeliverydate of each aircraft. The Air China Aircraft Purchase will be funded through self-owned cash, commercial bankloansandotherfinancingmethodsoftheCompany.TheCompanyisexpectingtotakedelivery ofthe15AirbusA350-900aircraftinstagesfrom2030to2032.TheCompanymayatitsoption change five A350-900 aircraft into A350-1000 aircraft model. The Air China Aircraft Purchase is expectedtohavenomaterialimpactonthecashflowandoperationoftheCompany.

3.ShenzhenAirlinesAircraftPurchaseAgreement

Date:

17July2026

Parties:

(a)ShenzhenAirlines,asthepurchaser,theprincipalbusinessactivitiesofwhichareair passenger,aircargoandairline-relatedservices;and

(b)AirbusCompany,asthevendor.

Aircrafttobeacquired:

40AirbusA320NEOseriesaircraft

Consideration:

Theaircraftlistpricecomprisestheairframeprice,optionalfeaturespriceandengineprice. Thelistpriceofthe40AirbusA320NEOseriesaircrafttobeacquiredbyShenzhenAirlines,

in aggregate, is approximately US$6.35 billion (price quoted as at January 2024) (equivalent to approximatelyRMB43.14billion,basedonthecentralparityrateofRMBagainstUSdollar published by the People’s Bank of China on the date of the Shenzhen Airlines Aircraft Purchase Agreement,beingUS$1toRMB6.7934).

AirbusCompanyhasgrantedtoShenzhenAirlinesconsiderablepriceconcessionswithregard totheAirbusAircraft.Theseconcessionswilltaketheformofcreditmemorandawhichmaybeused byShenzhenAirlinestowardsthefinalpricepaymentoftheAirbusAircrafttobeacquiredby Shenzhen Airlines or may be used for the purpose of purchasing goods and services from Airbus Company.Suchcreditmemorandaweredeterminedafterarm’slengthnegotiationsbetweenthe partiesandasaresult,theactualconsiderationfortheShenzhenAirlinesAircraftPurchaseislower thantheaircraftlistpricementionedabove.

The Shenzhen Airlines Aircraft Purchase was negotiated and entered into in accordance with customary business practice. The Directors confirm that the extent of the price concessions granted to ShenzhenAirlinesintheShenzhenAirlinesAircraftPurchaseiscomparablewiththeprice concessionsthattheGrouphadobtainedinthepreviousaircraftpurchaseenteredintobetweenthe Group and Airbus Company. The Company believes that there is no material impact of the price concessionsobtainedintheShenzhenAirlinesAircraftPurchaseontheunitoperatingcostof Shenzhen Airlines’ fleet. It is normal business practice of the global airline industry to disclose theaircraft list price, instead of the actual price, for aircraft acquisitions. Disclosure of the actual considerationwillresultinthelossoftheconsiderablepriceconcessionsandhenceasignificant negativeimpactontheGroup’scostfortheShenzhenAirlinesAircraftPurchaseandwilltherefore notbeintheinterestoftheCompanyandtheShareholdersasawhole.

Accordingly, the Company has applied to the Stock Exchange and the Stock Exchange hasgranted such a waiver from strict compliance with Rules 14.58(4) and 14.66(4) of the Listing Rules in respectofdisclosureoftheactualconsiderationoftheShenzhenAirlinesAircraftPurchase.

Payment,sourceoffundinganddeliveryterms:

The aggregate consideration for the Shenzhen Airlines Aircraft Purchase is payable by cash in instalments. Upon the Shenzhen Airlines Aircraft Purchase Agreement becoming effective, Shenzhen Airlines will make partial advance payments by instalments and settle the remaining balance on the deliverydateofeachaircraft.TheShenzhenAirlinesAircraftPurchasewillbefundedthroughself-owned cash, commercial bank loans and other financing methods of Shenzhen Airlines. ShenzhenAirlinesisexpectingtotakedeliveryofthe40AirbusA320NEOseriesaircraftinstagesfrom2029 to 2032. The Shenzhen Airlines Aircraft Purchase is expected to have no material impact on the cashflowandoperationofShenzhenAirlines.

4.ReasonsforandBenefitsoftheTransaction

The Transaction is in line with the development plan of the Company and the market demand, which is conducive to the Group’s optimization of fleet structure and long-term supplement of fleet capacity. The Transaction will expand the fleet capacity of the Group, among which, the Air China AircraftPurchaseisexpectedtoexpandthefleetcapacityoftheGroupbyapproximately7.1%and the Shenzhen Airlines Aircraft Purchase is expected to expand the fleet capacity of the Group by approximately4.3%,bothofwhicharebasedonthenumberofavailabletonnekilometersofthe Groupasat31December2025withouttakingintoaccountthepotentialadjustmentstothefleetsuch asaircraftwithdrawalduetomarketconditionsandaircraftaging.

The A350-900 aircraft and A320NEO series aircraft to be introduced in the Transaction areAirbus’ latest-generation, highly efficient and fuel-saving models. Compared with previous-generation models, they offer significantly lower fuel consumption, carbon emissions and operating costs. The Transaction will enable the Group to optimise its fleet structure and route network structure, enhanceroute operational efficiency and service quality, and provide strong support for the Group’s futurecapacity planning. At the same time, the Transaction will contribute to the continued reduction of unit operatingcosts,supporttheachievementoftheCompany’sdualcarbongoals,andcontributetothe greenandlow-carbontransitionofChina’scivilaviationindustry.

ThenewA350-900aircraftpurchasedundertheTransactionwillbedeliveredinstagesfrom 2030to2032andthenewA320NEOseriesaircraftwillbedeliveredinstagesfrom2029to2032, withsomeaimedatmeetingtherenewalneedsduetothewithdrawalofagingaircraftfromthefleet. Theactualnetincreaseinfleetcapacitywillbemaintainedwithinamanageablerange.

The Directors believe that the Transaction is conducted in the ordinary and usual course ofbusiness of the Group on normal commercial terms and the respective terms of the Air China Aircraft PurchaseAgreementandtheShenzhenAirlinesAircraftPurchaseAgreementarefairandreasonable andintheinterestsoftheCompanyandtheShareholdersasawhole.

5.ListingRulesImplications

As the highest applicable percentage ratio under Rule 14.07 of the Listing Rules for the Transaction is above 25% but less than 100%, the Transaction constitutes a major transaction of the Companyandissubjecttothereporting,announcementandShareholders’approvalrequirements underChapter14oftheListingRules.

The Transaction is subject to consideration and approval by the shareholders’ meeting of the Companyandapprovalbytherelevantstateauthoritiesbeforeitbecomeseffective.

None of the Directors had material interests in the Transaction and thus no Directors wererequired to abstain from voting on the board resolution(s) to approve the Air China Aircraft Purchase AgreementandtheShenzhenAirlinesAircraftPurchaseAgreementattheBoardmeeting.

III.FINANCIALANDTRADINGPROSPECTS

The civil aviation industry, as a strategic sector, consistently aligns with and serves the nation’s overarchingdevelopmentgoals.Theindustryisacceleratingtheconstructionofaviationhubswhile enhancingairtransportcapabilitiestodrivecoordinatedregionaleconomicgrowth.Throughexpanding globalaviationnetworks,ithasactivelyestablishedandincreasedflightfrequenciestocountriesalongthe BeltandRoadroutes,facilitatingenhancedconnectivityandeconomiccooperation.Theaviationsector playsapivotalroleintechnologicalinnovation,contributingtobreakthroughsinindigenoustechnologies such as China’s domestically developed large aircraft and advancing research and innovation in aircraft maintenance and other industry-wide technological developments. This promotes deeper integration between scientificinnovationandindustrialapplications.Tomeetevolvingconsumerdemands,theindustry continuestoinnovateitsserviceofferingsandelevateservicequalitystandards,therebyimprovingthe overall travel experience for passengers. Furthermore, it is actively developing a modern integratedtransportationsystembysteadilypromotingmultimodaltransportsolutionsandexpandingtheaviation market’sservicecoverage.

China’saviationmarketisexpectedtoexperiencesteadygrowthandcontinuoustransformation.On thedemandside,withthenationaleconomyrecoveringandimproving,theindustry’sdevelopment foundation will become more solid, the domestic passenger market will grow steadily, the internationalpassengermarketwillrecoveratafasterpace,andChineseairlineswillplayamoreimportantroleinthe globalaviationmarket.Onthepolicyside,thecontinuousimplementationofvariousdevelopmentpolicies willeffectivelystimulatedomesticdemandpotential,especiallyinboostinghouseholdconsumption,which will provide demand momentum for the subsequent development of civil aviation. On the industry side, the CAACisadvancingaseriesofreformmeasurestostrengthenthefoundationforindustrydevelopment, enhancetheinternationalcompetitivenessofaviationhubs,andguidedomesticairlinestoadopt differentiatedoperations,therebyreducinghomogeneouscompetitioninthecivilaviationmarket.

TheGroupadherestothedevelopmentgoalof“acceleratingthedevelopmentintoaworld-class aviation transportation group with global competitiveness”. Upholding the four strategic directions of “hub network,balancedpassengercargodevelopment,costleadership,andbrandstrategy”,theGroupwillfocus

on key areas such as enhancing safety management, optimizing market layout, adjusting resource structure, upgradingproductsandservices,drivingdigitalinnovationdevelopment,andpromotinggreenandlow carbondevelopmenttoadvanceitsoperations.

The Company has identified the following key priorities for 2026: (1) to firmly secure the baseline ofsafe development, ensuring high-quality development with a high level of safety; (2) to enhance its valuecreationcapabilityandcontinuethecampaigntoenhanceoperatingperformancethroughqualityand efficiency enhancement; (3) to continue advancing deepened reform and stimulate vitality and momentum through innovation-driven development; (4) to continuously optimize the service system, creating a leadingbrand with credibility, convenience, comfort and choice; and (5) to comprehensively strengthen the Party’s leadershipandleadhigh-qualitydevelopmentwithhigh-qualityPartybuilding.

Theyear2026markstheopeningyearofthe15thFive-YearPlanandacriticaljunctureforbuilding onthepastandpavingthewayforthefuture.TheGroupwillthoroughlypursueinitiativesto“improve quality, enhance efficiency and optimize structure”, accelerating the transformation from a quantitativeexpansionmodeltoaquality-andefficiency-orientedmodel,toachieveeffectiveimprovementinquality andreasonablegrowthinquantity,andeffectivelystrengthenitscorefunctionsandcorecompetitiveness.

Inaddition,theDirectorsareoftheviewthattheTransactionisnotexpectedtohaveanymaterial impactonearnings,assetsandliabilitiesoftheGroup.

IV.WORKINGCAPITAL

TakingintoaccountthefinancialresourcesavailabletotheGroupandtheeffectoftheTransaction, the Directors are of the opinion that the Group will have sufficient working capital for the Group’s present requirementsforthenext12monthsfollowingthedateofthiscircular.

V.EGM

The Company will convene the EGM at 10:00 a.m. on Tuesday, 3 November 2026 at The Conference RoomC313,No.30,TianzhuRoad,ShunyiDistrict,Beijing,thePRCtoconsiderand,ifthoughtfit, approve the resolutions in respect of the Air China Aircraft Purchase and the Shenzhen Airlines Aircraft Purchase.VotesontheresolutionstobeconsideredattheEGMshallbetakenbywayofpoll.Aformof proxy is also enclosed herein, and published on the websites of the Hong Kong Stock Exchange (www.hkexnews.hk) and the Company (www.airchina.com.cn). The notice of EGM is reproduced in thiscircular.

Tothebestknowledge,informationandbeliefoftheDirectors,havingmadeallreasonableenquiries, noShareholderoranyoftheirrespectiveassociateshaveamaterialinterestintheresolutionsinrespectof the Air China Aircraft Purchase and the Shenzhen Airlines Aircraft Purchase. As such, no Shareholder isrequiredtoabstainfromvotingattheEGMontheresolutionsapprovingtheAirChinaAircraftPurchase andtheShenzhenAirlinesAircraftPurchase.

The register of members of H Shares will be closed from Thursday, 29 October 2026 to Tuesday, 3 November 2026 (both days inclusive), during which no transfer of H Shares will be effected in order todeterminethelistofholdersofHSharesoftheCompanywhowillbeentitledtoattendandvoteatthe

EGM. H Shareholders of the Company whose names appear on the register of members of H Shares of the Company after the close of business on Wednesday, 28 October 2026 are entitled to attend the EGM after completingtheregistrationprocedures.InordertoqualifyforattendanceattheEGM,allthetransfer documentsmustbelodgedwiththeCompany’sHShareregistrar,ComputershareHongKongInvestor ServicesLimited,by4:30p.m.onWednesday,28October2026.

Whether or not you intend to attend the EGM, you are requested to complete and return the form ofproxyinaccordancewiththeinstructionsprintedthereonassoonaspracticablebutinanyeventnotless than24hoursbeforethetimeappointedforconveningtheEGMoranyadjournmentthereof.Completion andreturnoftheformofproxywillnotprecludeyoufromattendingandvotinginpersonattheEGMorat anyadjournedmeetingthereofshouldyousowish.

VI.RECOMMENDATION

TheBoardrecommendstheShareholderstovoteinfavouroftheresolutionsregarding(i)theAir China Aircraft Purchase; and (ii) the Shenzhen Airlines Aircraft Purchase, as well as the Transaction contemplatedthereunder.

VII.ADDITIONALINFORMATION

Yourattentionisalsodrawntotheadditionalinformationsetoutinappendicestothiscircular.

ByorderoftheBoard AirChinaLimited LiuTiexiang Chairman

Beijing,thePRC

I.CONSOLIDATEDFINANCIALSTATEMENTS

The Company is required to set out in this circular information for the last three financial years with respect to the profits and losses, financial record and position and the latest published balance sheet togetherwiththenotestotheconsolidatedfinancialstatementsoftheGroupforthelastfinancialyear.

TheauditedconsolidatedfinancialstatementsoftheGroupfortheyearsended31December2023, 2024and2025,togetherwiththeaccompanyingnotestothefinancialstatements,canbefoundonpages92 to200oftheannualreportoftheCompanyfortheyearended31December2023,pages91to196ofthe annualreportoftheCompanyfortheyearended31December2024andpages95to196oftheannual reportoftheCompanyfortheyearended31December2025,respectively.Pleaseseebelowthehyperlinks tothesaidannualreports:

https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0425/2024042502352.pdfhttps://www1.hkexnews.hk/listedco/listconews/sehk/2025/0423/2025042302023.pdfhttps://www1.hkexnews.hk/listedco/listconews/sehk/2026/0424/2026042402937.pdf

II.INDEBTEDNESS

	Note	RMB
		(inmillion)
Bankloans
–securedandunguaranteed	(i)	248
–unsecuredandunguaranteed		88,832
		89,080
Loansfromtheultimateholdingcompany
–unsecuredandunguaranteed		602
Loansfromafellowsubsidiary
–unsecuredandunguaranteed		301

	Note	RMB
		(inmillion)
Loansfromothercompanies
–securedandunguaranteed	(i)	3,190
–unsecuredandunguaranteed		734
		3,924
Corporatebonds
–unsecuredandunguaranteed		33,306
Short-termcommercialpaperspayable
–unsecuredandunguaranteed		7,090
Leaseliabilities
–unsecuredandunguaranteed		77,812
Total		212,115

Note:

(i)The Group’s bank loans and other loans with an aggregate amount of approximately RMB3,438 million as at 31July 2026 were secured by charges over certain of the Group’s assets, including aircraft, engines and flight equipment,buildingsandlanduserights,andotherintangibleassets.

Otherevents

Asat31July2026,theGrouphadthefollowingsignificantotherevents:

Pursuant to the restructuring of China National Aviation Holding Corporation Limited (the “CNAHC”) in preparation for the listing of the Company’s H shares on The Stock Exchange of Hong KongLimitedandtheLondonStockExchange,theCompanyenteredintoarestructuringagreement (the “Restructuring Agreement”) with CNAHC and China National Aviation Corporation (Group)Limited (“CNACG”, a wholly-owned subsidiary of CNAHC) on 20 November 2004. According to the Restructuring Agreement, except for liabilities constituting or arising out of or relating to business undertakenbytheCompanyaftertherestructuring,noliabilitieswouldbeassumedbytheCompany and the Company would not be liable, whether severally, or jointly and severally, for debts andobligations incurred prior to the restructuring by CNAHC and CNACG. The Company has also undertakentoindemnifyCNAHCandCNACGagainstanydamagesufferedorincurredbyCNAHC andCNACGasaresultofanybreachbytheCompanyofanyprovisionoftheRestructuring Agreement.

Exceptasdisclosedaboveandapartfromintra-groupliabilitiesandnormaltradepayables,as at 31 July 2026, the Group did not have any debt securities issued and outstanding, or authorised or otherwise created but unissued, term loans, debentures, any other borrowings or indebtedness in thenatureofborrowingoftheGroupincludingbankoverdraftsandliabilitiesunderacceptances(other than normal trade bills) or acceptance credits, recognised lease obligations or hire purchasecommitments,mortgages,charges,materialcontingentliabilitiesorguarantees.

1.RESPONSIBILITYSTATEMENT

This circular, for which the Directors collectively and individually accept full responsibility, includes particularsgivenincompliancewiththeListingRulesforthepurposeofgivinginformationwithregardto theGroup.TheDirectors,havingmadeallreasonableenquiries,confirmthattothebestoftheirknowledge and belief, the information contained in this circular is accurate and complete in all material respects and not misleadingordeceptive,andtherearenoothermatterstheomissionofwhichwouldmakeanystatement hereinorthiscircularmisleading.

2.DISCLOSUREOFINTERESTSOFDIRECTORS

AsattheLatestPracticableDate,noneoftheDirectorsorchiefexecutiveoftheCompanyhad interests or short positions in the shares, underlying shares and/or debentures (as the case may be) of the Companyoritsassociatedcorporations(withinthemeaningofPartXVoftheSFO)whichwerenotifiable to the Company and the Hong Kong Stock Exchange pursuant to the SFO, or were recorded in the register maintainedbytheCompanypursuanttosection352oftheSFO,orwhichwerenotifiabletotheCompany and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of ListedIssuers.

AsattheLatestPracticableDate,noneoftheDirectorsoftheCompanyhadanydirectorindirect interest in any assets which have been, since 31 December 2025 (being the date to which the latest published auditedfinancialstatementsoftheGroupweremadeup),acquiredordisposedofbyorleasedtoany memberoftheGrouporareproposedtobeacquiredordisposedofbyorleasedtoanymemberofthe Group.

AsattheLatestPracticableDate,noneoftheDirectorsoftheCompanyweremateriallyinterestedin anycontractorarrangementwhichissignificantinrelationtothebusinessoftheGroupandsubsistingasat theLatestPracticableDate.

Mr. Lam Siu Por Ronald, a non-executive Director, is concurrently an executive director and the chief executive officer of Cathay Pacific. Cathay Pacific is a substantial shareholder of the Company, holding 2,633,725,455HSharesoftheCompany(representingapproximately12.85%ofthetotalissuedsharesof theCompany)asattheLatestPracticableDate.Mr.LiuTiexiangandMr.QuGuangji,executiveDirectors, are concurrently non-executive directors of Cathay Pacific. Cathay Pacific competes or is likely to competeeitherdirectlyorindirectlywithsomeaspectsofthebusinessoftheCompanyasitoperatesairlineservices tocertaindestinations,whicharealsoservedbytheCompany.

Save as disclosed above, as atthe LatestPracticable Date, none of the Directors of theCompany andtheirrespectivecloseassociates(asdefinedintheListingRules)hadanycompetinginterestswhichwould berequiredtobedisclosedunderRule8.10oftheListingRules.

3.DISCLOSUREOFINTERESTSOFSUBSTANTIALSHAREHOLDERS

AsattheLatestPracticableDate,sofarastheDirectorswereaware,thefollowingpersons(notbeing aDirectororchiefexecutiveoftheCompanyortheirrespectiveassociates)hadaninterestorshortposition (ifany)intheSharesortheunderlyingShareswhichwouldfalltobedisclosedtotheCompanyunder Divisions2and3ofPartXVoftheSFO,orwhichwererecordedintheregisteroftheCompanyrequiredto bekeptundersection336oftheSFO:

Name	Typeofinterests	Typeand numberof shares held	Approximate percentageofthe totalnumberof Shares in issue	Percentageof thetotalissued A Shares of theCompany	Percentageof the total issued H Shares of the Company
CNAHC	Beneficialowner	8,334,704,710(L) AShares	40.67%	53.64%	–
CNAHC(1)	Equityattributable	1,332,482,920(L) AShares	6.50%	8.58%	–
CNAHC(1)	Equityattributable	2,130,898,021(L) AShares	10.40%	13.71%	–
CNAHC(1)	Equityattributable	616,779,308(L) HShares	3.01%	–	12.45%
CNACG	Beneficialowner	1,332,482,920(L) AShares	6.50%	8.58%	–
CNACG	Beneficialowner	616,779,308(L) HShares	3.01%	–	12.45%
CNACHolding(1)	Beneficialowner	2,130,898,021(L) AShares	10.40%	13.71%	–
CathayPacific	Beneficialowner	2,633,725,455(L) HShares	12.85%	–	53.15%
SwirePacificLimited(2)	Equityattributable	2,633,725,455(L) HShares	12.85%	–	53.15%
John Swire & Sons (H.K.) Limited (2)	Equityattributable	2,633,725,455(L) HShares	12.85%	–	53.15%
JohnSwire & Sons Limited (2)	Equityattributable	2,633,725,455(L) HShares	12.85%	–	53.15%

Notes:

(1)By virtue of CNAHC’s 100% interest in CNACG, CNAHC was deemed to be interested in the 1,332,482,920 A Sharesand616,779,308HSharesdirectlyheldbyCNACG,andwasdeemedtobeinterestedinthe 2,130,898,021ASharesheldbyCNACHolding.

(2)By virtue of John Swire & Sons Limited’s 100% interest in John Swire & Sons (H.K.) Limited and their approximately 64.45% equity interest and 70.97% voting rights in Swire Pacific Limited, and Swire Pacific Limited’s approximately 45.12% interest in Cathay Pacific as at the Latest Practicable Date, John Swire & Sons Limited, John Swire & Sons (H.K.) Limited and Swire Pacific Limited were deemed to be interested in the 2,633,725,455HSharesoftheCompanydirectlyheldbyCathayPacific.

(3)Theletter“L”denotesalongpositionintheShares.

Saveasdisclosedabove,asattheLatestPracticableDate,nootherpersons(notbeingaDirectoror chiefexecutiveoftheCompanyortheirrespectiveassociates)hadanyinterestorshortposition(ifany)in theSharesortheunderlyingShareswhichwouldfalltobedisclosedtotheCompanyunderDivisions2and 3 of Part XV of the SFO, or which were recorded in the register of the Company required to be kept undersection336oftheSFO.

4.SERVICECONTRACTSOFDIRECTORS

As at the Latest Practicable Date, none of the Directors had any existing or proposed service contractwith any member of the Group which is not expiring or terminable by the Group within one year without paymentofcompensation(otherthanstatutorycompensation).

5.DIRECTORS’EMPLOYMENTWITHSUBSTANTIALSHAREHOLDERS

The following are the particulars of Directors’ employment with substantial Shareholders (holding interestsorshortpositionsinthesharesandunderlyingsharesoftheCompanyrequiredtobedisclosedto theCompanypursuanttoDivisions2and3ofPartXVoftheSFO)asattheLatestPracticableDate:

Mr. Liu Tiexiang, an executive Director, the chairman of the Board and the member of the Party Committee, member of the Standing Committee and the secretary of the Party Committee of the Company, serves as the director, chairman and secretary of the Party Leadership Group of CNAHC. He is also a non-executivedirectorandthedeputychairmanoftheboardofdirectorsofCathayPacific.

Mr. Qu Guangji, an executive Director, the vice chairman of the Board, the president and the deputy secretaryofthePartyCommitteeoftheCompany,servesasadirector,thegeneralmanager,amemberand the deputy secretary of the Party Leadership Group of CNAHC, and serves as a non-executive director ofCathayPacific.

Mr.CuiXiaofeng,anon-executiveDirectoroftheCompany,isadirectorandthedeputysecretaryof thePartyLeadershipGroupofCNAHC.

Mr. Lam Siu Por Ronald, a non-executive Director of the Company, has been an executive director of CathayPacificsince19August2019anditschiefexecutiveofficersince1January2023.

Mr. Xiao Peng, the employee representative Director of the Company, serves as the employee representativedirectorofCNAHC.

6.NOMATERIALADVERSECHANGE

AsattheLatestPracticableDate,therehasbeennomaterialadversechangeintheGroup’sfinancial or trading position since 31 December 2025, being the date to which the latest published audited financial statementsoftheGrouphavebeenmadeup.

7.LITIGATION

As at the Latest Practicable Date, the Company was not involved in any significant litigation orarbitration and to the knowledge of the Company, there were no litigation or claims of material importance pendingorthreatenedagainstanymemberoftheGroup.

8.MATERIALCONTRACTS

TheGrouphasenteredintothefollowingmaterialcontractswithinthetwoyearsimmediately precedingthedateofthiscircular.

1. theAirChinaAircraftPurchaseAgreement;

1. theShenzhenAirlinesAircraftPurchaseAgreement;

1. the agreement dated 30 December 2025 entered into between the Company, AIE and Airbus Company,pursuanttowhichtheCompanyandAIEhaveagreedtopurchaseandAirbus Companyhasagreedtosell60AirbusA320NEOseriesaircraft.Thebasicpriceofthe60 Airbusaircraft,inaggregate,isapproximatelyUS$9.53billion(pricequotedasatJanuary 2024);and

1. theconditionalsubscriptionagreementdated30October2025enteredintobetweenthe Company, CNAHC and CNAC Holding in respect of the issuance of A Shares to specificinvestors,pursuanttowhich,theCompanyhasagreedtoissue,andCNAHCandCNAC Holding have agreed to subscribe for new A Shares in the amount of not more than RMB20.00 billionatRMB6.57pershare.

9.MISCELLANEOUS

1. ThecompanysecretaryoftheCompanyisMr.XiaoFeng.

1. The registered address of the Company is at 1st Floor – 9th Floor 101, Building 1, 30 Tianzhu Road, Shunyi District, Beijing, the PRC. The head office of the Company is at No. 30 Tianzhu Road,ShunyiDistrict,Beijing,thePRC.

1. TheHShareregistrarandtransferofficeoftheCompanyisComputershareHongKong InvestorServicesLimited,theaddressofwhichisShops1712-1716,17/F,HopewellCentre, 183Queen’sRoadEast,Wanchai,HongKong.

10.DOCUMENTSONDISPLAY

Copies of the following documents will be published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.airchina.com.cn) for a period of 14 days from the date of this circular:

1. theAirChinaAircraftPurchaseAgreement;

1. theShenzhenAirlinesAircraftPurchaseAgreement;and

1. thiscircular.

In respect of the Transaction, the Company has applied for, and the Stock Exchange has granted, awaiver from strict compliance with Rule 14.66(10) and paragraph 43(2)(c) of Appendix D1B to the ListingRules so that certain confidential material contained in the Air China Aircraft Purchase Agreement and the ShenzhenAirlinesAircraftPurchaseAgreement,includinginformationrelatingtothepreviousaircraft purchasewithAirbusCompany,priceandpricerelatedterms,specificinformationinrelationtoaircraft type, aircraft delivery schedules, provisions relating to after sale services and support and compliance related provisions, will be redacted pursuant to a request for confidential treatment by Airbus Company. The above redactedinformationiscommercialsensitiveinformationstrictlypersonalandexclusivetoeachpartytothe AirChinaAircraftPurchaseAgreementandtheShenzhenAirlinesAircraftPurchaseAgreement,and generally recognized as customized and confidential information in the aviation industry, the disclosure ofwhichwillbecompetitivelyharmfultotheGroup.ThematerialtermsstipulatedundertheAirChina Aircraft Purchase Agreement and the Shenzhen Airlines Aircraft Purchase Agreement have been summarisedand disclosed in this circular, from which the Shareholders and the investing public will be able to havesufficientinformationandknowledgeabouttheAirChinaAircraftPurchaseandtheShenzhenAirlines AircraftPurchase,andassesstheimpactoftheAirChinaAircraftPurchaseandtheShenzhenAirlines AircraftPurchasesothattheShareholdersandtheinvestingpublicwouldmakeaninformedvotingdecision on the Transaction. In addition, the Shareholders and the investing public are provided with sufficient informationregardingthereasonsforandbenefitsoftheAirChinaAircraftPurchaseandtheShenzhen AirlinesAircraftPurchase.Therefore,theredactedversionsoftheAirChinaAircraftPurchaseAgreement andtheShenzhenAirlinesAircraftPurchaseAgreementareunlikelytomisleadtheShareholdersregarding the facts and circumstances, knowledge of which is essential for the informed assessment of the Transaction. Accordingly,onlytheredactedversionoftheAirChinaAircraftPurchaseAgreementandtheShenzhen AirlinesAircraftPurchaseAgreementwillbeavailablefordisplaytothepublic.

中國國際航空股份有限公司

AIR CHINA LIMITED

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 00753)

NOTICEOFEXTRAORDINARYSHAREHOLDERS’MEETING

NOTICEISHEREBYGIVENthatanextraordinaryshareholders’meeting(the“EGM”)ofAir ChinaLimited(the“Company”)willbeheldat10:00a.m.onTuesday,3November2026atThe ConferenceRoomC313,No.30TianzhuRoad,ShunyiDistrict,Beijing,thePRCtoconsiderand,ifthought fit, to pass the following resolutions. Unless otherwise indicated, capitalised terms used herein shall have the samemeaningasthosedefinedinthecircularoftheCompanydated24September2026(the“Circular”).

ORDINARYRESOLUTIONS

1. Toconsiderandapprovetheresolutioninrelationtotheintroductionof15AirbusA350-900 aircraftbytheCompany.

1. Toconsiderandapprovetheresolutioninrelationtotheintroductionof40AirbusA320series aircraftbyShenzhenAirlines.

Fordetailsoftheaboveresolutions,pleaserefertotheCircular.

ByOrderoftheBoard AirChinaLimited XiaoFeng CompanySecretary

Beijing,thePRC,24September2026

Asatthedateof thisnotice,thedirectorsof theCompanyare Mr.LiuTiexiang, Mr.QuGuangji,Mr. CuiXiaofeng,Mr.LamSiuPorRonald,Mr.XiaoPeng,Mr.XuNiansha*,Mr.HeYun*,Ms.WinnieTam Wan-chi*andMr.GaoChunlei*.

*Independentnon-executivedirectoroftheCompany

Notes:

1. ClosureofregisterofmembersandeligibilityforattendingandvotingattheEGM

The register of members of H Shares of the Company will be closed from Thursday, 29 October 2026 to Tuesday, 3 November 2026 (both days inclusive), during which time no transfer of H Shares of the Company will be effected and registered.InordertoqualifyforattendanceandvotingattheEGM,HShareholdersmustlodgetheinstrumentsof transfer accompanied by share certificates and other appropriate documents with the Company’s H Share registrar, ComputershareHongKongInvestorServicesLimited,atShops1712-16,17/F,HopewellCentre,183Queen’sRoad East,WanChai,HongKong,by4:30p.m.onWednesday,28October2026.HShareholderswhosenamesappearon theregisterofmembersofHSharesoftheCompanyatthecloseofbusinessonWednesday,28October2026are entitledtoattendandvoteattheEGM.

1. Proxy

EveryShareholderwhohastherighttoattendandvoteattheEGMisentitledtoappointoneormoreproxies,whether ornottheyaremembersoftheCompany,toattendandvoteonhis/herbehalfattheEGM.

A proxy shall be appointed by an instrument in writing. Such instrument shall be signed by the appointor or his attorneydulyauthorizedinwriting.Iftheappointorisalegalperson,thentheinstrumentshallbesignedunderalegalperson’s sealorsignedbyitsdirectororanattorneydulyauthorizedinwriting.Theinstrumentappointingtheproxyforholders ofHSharesshallbedepositedattheCompany’sHShareregistrarnotlessthan24hoursbeforethetimespecifiedfor the holding of the EGM (or any adjournment thereof). If the instrument appointing the proxy is signed by a personauthorizedbytheappointor,thepowerofattorneyorotherdocumentofauthorityunderwhichtheinstrumentissigned shall be notarized. The notarized power of attorney or other document of authority shall be deposited together and at the sametimewiththeinstrumentappointingtheproxyattheCompany’sHShareregistrar.

1. Otherbusiness

1. TheEGMisexpectedtolastfornomorethanhalfofaworkingday.Shareholdersandtheirproxiesattending themeetingshallberesponsiblefortheirowntravellingandaccommodationexpenses.
2. TheaddressofComputershareHongKongInvestorServicesLimitedis: 17MFloor

HopewellCentre

183Queen’sRoadEast WanChai

HongKong

TelNo.:(852)28628628

FaxNo.:(852)28650990

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