EXPORT-IMPORT BANK OF THE UNITED STATES
SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS
APRIL 1, 1999

ITEM NO 1
OECD RISK LEVEL CHANGES
Board Decision APPROVED

ITEM NO 2
Country CHINA (MAINLAND) AP073516XX
Request for AMENDMENT OF FINAL COMMITMENT
REQUEST BY PEFCO FOR EX-IM BANK APPROVAL OF ITS
FIXED INTEREST LENDING RATE

As Approved 8/4/98
Applicant CHASE SECURITIES INC, NEW YORK NY
Borrower SPV/HAINAN AIRLINES CO. LTD., HAINAN 570206
CHINA(MAINLAND)
Guarantor BANK OF CHINA, BEIJING, CHINA(MAINLAND)
Buyer SPV/HAINAN AIRLINES CO. LTD., HAINAN 570206
CHINA(MAINLAND)
End-user HAINAN AIRLINES CO. LTD., HAINAN 570206 CHINA(MAINLAND)
Exporter BOEING COMPANY, THE, SEATTLE WA
Supplier BOEING COMPANY, THE, SEATTLE WA
Supplier CFM INTERNATIONAL INC, CINCINNATI OH
Gteed Lender PRIVATE EXPORT FUNDING CORP, NEW YORK NY
Lessor SPV/HAINAN AIRLINES CO. LTD., HAINAN 570206
CHINA(MAINLAND)
Lessee HAINAN AIRLINES CO. LTD., HAINAN 570206 CHINA(MAINLAND)
Project Description AIR TRANSPORTATION
Product Description AIRCRAFT
Board Decision APPROVED PEFCO INTEREST RATE

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MEETING OF BOARD OF DIRECTORS